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Sunday, December 15th, 2019

Ringgit closes lower against US dollar

by November 15, 2016 General

KUALA LUMPUR, Nov 15 — The ringgit closed lower against the US dollar for the second consecutive day today, weighed down by growing expectations over the US Federal Reserve (Fed) raising interest rates next month.

At 6pm, the local unit’s onshore trading was at 4.3340/3390 against the greenback from 4.3250/3350 on Monday.

FXTM Chief Market Strategist Hussein Sayed said, however, it is still not clear yet if the Fed will start responding to economic policies by accelerating rate hike expectations and whether a conservative Republican Congress will pass an aggressive fiscal stimulus plan.

He also said that investors will turn their attention to economic data with a busy calendar ahead for today.

“Growth figures and inflation data from around the Eurozone and UK will attract attention away from Trump,” he said in a statement.

The local unit was traded mixed against other major currencies.

It went down against the Singapore dollar to 3.0716/0767 from 3.0548/0632 on Monday, but rose against the British pound to 5.3828/3908 from 5.3972/3114 previously.

The ringgit rose against the yen to 4.0048/0098 from Monday’s 4.0087/0210.

It fell against the euro to 4.6799/6857 from 4.6520/6636 previously. — Bernama