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Ringgit down fifth straight day, slipping on oil and speculation on Fed rates

by September 2, 2016 General

KUALA LUMPUR, Sept 2 — The ringgit fell for the fifth consecutive day, dampened by this week’s drop in global oil prices and expectation that the US Federal Reserve would raise interest rates, dealers said.

At 6pm, the ringgit was quoted at 4.0830/0900 against the greenback from 4.0740/0790 yesterday.

The dealer said the local note depreciated despite most emerging regional currencies edged up as traders cautiously awaited the release of US jobs data later today.

“The local note fell 1.7 per cent this week as global oil prices slipped more than eight per cent, heightening worries over the country’s oil and gas revenue,” said the dealer.

Another dealer said market sentiment remained weak the past few days following expectation that the US Federal Reserve could raise interest rates in coming months.

Meanwhile, the local currency was also traded mostly lower against a basket of major currencies.

The local note fell against the euro to 4.5640/5734 from 4.5388/5460 yesterday and decreased against the Singapore dollar to 3.0018/0080 from 2.9879/9918.

It fell against the British pound to 5.4161/3262 from 5.3964/3043 yesterday and declined against the yen to 3.9411/9498 from 3.9324/9384, previously. — Bernama