Ringgit closes weaker against US dollar

Posted by Trading Advisor on 12:16 PM with No comments
KUALA LUMPUR: The ringgit closed weaker against the US dollar today as investors remained cautious over the outcome of Bank Negara Malaysia (BNM) policy meeting today, dealers said.
At 5pm, the ringgit was quoted at 3.6170/6200 versus the US dollar from 3.5960/5990 yesterday.
A dealer said the local unit fell to reflect the perceived risks of a surprised interest rate cut eventhough such move was seen as unlikely.
"BNM is expected to keep overnight policy rate unchanged at 3.25 per cent, as the country's economy remains at risk from a slump in oil prices and a weakened currency," he said.
The local note was mostly lower against other major currencies. It firmed against the Singapore dollar to 2.6777/6811 from Tuesday's 2.6806/6832. Itt depreciated against the yen to 3.0702/0733 from 3.0449/0479 previously.
The local unit eased against the British pound to 5.4924/4984 from 5.4336/4395 yesterday and weakened against the euro at 4.0999/1040 from 4.0768/0805 on Tuesday