Ringgit closes lower on bearish sentiment

The ringgit closed lower against the US dollar today, bouyed by bearish sentiment against a backdrop of weaker regional currencies, dealers said.

At 6pm, the ringgit stood at 4.1980/2020 versus the greenback compared with Tuesday’s close of 4.1880/1920.

A dealer said most Asian currencies weakened against the US dollar after a senior US Federal Reserve official backed further rate hikes in the world’s largest economy.

“Attention will now turn to a speech by Federal Reserve’s Chairman Jerome Powell later today and the minutes of the US Federal Reserve’s Nov 7-8 meeting, due tomorrow, as investors will be looking for further clues on how ofen the US central bank was likely to hike rates in 2019,“ he said.

Against a basket of emerging currencies, the ringgit was traded mostly lower.

It eased against the Singapore dollar to 3.0464/0498 from Tuesday’s 3.0440/0474 and decreased versus the yen to 3.6902/6941 from 3.6853/6898.


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