Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said that the local currency started on a stronger footing at RM4.1258 versus the greenback in the early morning session today.

“Later in the day, it depreciated to RM4.1350; some profit-taking activities among the traders probably weighed down market sentiment,” he told Bernama.

However, Afzanizam said the US Dollar Index (DXY) has mostly stayed below 100 points, as expectations of a US rate cut in December gain traction amid weak economic data, including softer Retail Sales and Consumer Confidence.

At 6pm, the local currency eased to 4.1360/4.1385 against the US dollar, down from yesterday’s close of 4.1300/4.1345.

At the close, the ringgit was traded lower against a basket of major currencies.

It eased against the yen to 2.6438/2.6456 from 2.6420/2.6451 at yesterday’s close, depreciated against the British pound to 5.4492/5.4525 from 5.4235/5.4294 yesterday and weakened against the euro to 4.7862/4.7891 from 4.7635/4.7687 previously.

The ringgit also trended lower against Asean currencies.

It fell against the Singapore dollar to 3.1847/3.1869 from 3.1708/3.1745 yesterday and slid against the Thai baht to 12.8308/12.8433 from 12.7793/12.7999 yesterday.

It decreased against the Indonesian rupiah to 248.2/248.4 from 247.9/248.3 at yesterday’s closing and eased vis-a-vis the Philippine peso to 7.02/7.03 compared to 7.01/7.02 previously.