Ringgit ends lower against US dollar

Ringgit ends lower against US dollar

At 6pm, the local note stood at 4.1410/1460 against the greenback, down 60 basis points, from yesterday’s close of 4.1350/1390.

Malaysian ringgit notes in various denominations.
KUALA LUMPUR:
The ringgit closed lower against the US dollar today, as more investors shifted their focus towards safe haven currencies given the global economic uncertainties and weak Purchasing Managers’ Index (PMI) data released yesterday, dealers said.

At 6pm, the local note stood at 4.1410/1460 against the greenback, down 60 basis points, from yesterday’s close of 4.1350/1390.

One dealer said the greenback may come under pressure in coming months, after a strong 2018, with diminishing prospects of the US Federal Reserve raising interest rates in 2019, which has prompted Treasury yields to fall to 2.63%, the lowest in nearly a year on Wednesday.

Investors were also watching out for any hints from US Federal Reserve chairman Jerome Powell (on possible rate hikes) at a meeting of the American Economic Association and Allied Science Association in Atlanta on Friday.

Meanwhile, the ringgit was mostly higher against other major currencies.

The domestic unit appreciated against the British pound to 5.2090/2173 against Wednesday’s 5.2473/2540 but strengthened against the euro to 4.7104/7165 from 4.7275/7334, yesterday.

It appreciated against the Singapore dollar to 3.0321/0369 from 3.0331/0371 and rose against the Japanese yen to 3.8457/8514 from 3.7950/7997 on Wednesday.

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