KUALA LUMPUR: The ringgit closed lower against the US dollar today in line with most Asian currencies as heightened Middle East tensions and the US Federal Reserve’s (Fed) upcoming meeting curbed risk appetite.
At 6pm, the ringgit eased to 4.1810/1850 against the US dollar from 4.1630/1660 on last Friday.
A dealer said investors adopted a wait-and-see approach ahead of the Fed’s decision on interest rates with the market largely expecting a 25 basis points cut on Wednesday.
“Meanwhile, the weekend attacks on Saudi Arabian crude production facilities, which fuelled US-Iran tensions and buoyed oil prices, continued to pressure the currencies of net oil importers and risk sensitive economies,” he added.
Meanwhile, the ringgit was mostly lower against a basket of other major currencies.
It declined against the Singapore dollar to 3.0345/0379 from 3.0318/0345 at Friday’s close, but appreciated against the Japanese yen to 3.8624/8671 from 3.8550/8581.
The local unit contracted versus the British pound to 5.1840/1907 from 5.1829/1883 and decreased against the euro to 4.6058/6115 from 4.6039/6084 — Bernama
source https://www.thesundaily.my/business/ringgit-closes-lower-against-us-dollar-GK1378787
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