Ringgit ends higher against US dollar

KUALA LUMPUR: The ringgit closed higher against the US dollar prompted by greenback’s weakness, amid the sell-off in US equities, dealers said.

At 6pm, the local note traded at 4.1750/1800 against the US dollar compared with Monday’s 4.1790/1830.

A dealer said stocks on Wall Street recorded a new low for the year in overnight trade as worries about the economy continued to weigh on investors sentiment ahead of a crucial US Federal Reserve decision on interest rates later this week.

“The sell-off came after another indication that the American economy, while still strong, is showing signs of slowing down,“ he said.

Meanwhile, OANDA Head of Trading Asia-Pacific Stephen Innes said the US dollar remained incredibly susceptible to weaker US economic data and extension of the US equity market sell-off.

“The US Federal Reserve’s rate hike probability for December remains at 64% but doubt is starting to build given the severity of the recent equity market meltdown,“ he added.

The ringgit, however, was weaker against major currencies.

It eased against the Singapore dollar to 3.0439/0486 from 3.0388/0440 on Monday and fell against the Japanese yen to 3.7141/7192 from 3.6865/6910.

The local unit weakened against the British pound to 5.2810/2890 from yesterday’s 5.2651/2714 and depreciated against the euro to 4.7491/7564 from 4.7340/7393. — Bernama

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