Ringgit slips against US dollar but gains on euro and pound
The local currency also weakened against most ASEAN peers, with the Thai baht the exception.
The ringgit weakened to 4.0845/0890 per US dollar at 6 pm on Nov 13, compared with Thursday’s closing level of 4.0765/0805, as expectations of further US interest rate increases supported the greenback.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that investors expected the US Federal Reserve to tighten monetary policy further at its December meeting. He said attention was turning to whether the central bank would raise rates by 50 basis points, which could give the dollar additional support.
Against European currencies, the ringgit rose to 4.5166/5216 per euro from 4.5225/5269 at the previous close and to 5.4046/4106 per British pound from 5.4103/4156. It weakened against the Japanese yen, moving to 2.5549/5579 from 2.5524/5551.
Regional trading saw the ringgit ease to 3.1729/1769 against the Singapore dollar from 3.1726/1760. It also lost ground against the Indonesian rupiah at 224.3/224.6 versus 223.5/223.8, and the Philippine peso at 6.41/6.42 versus 6.40/6.41.
The Thai baht was the exception among the ASEAN currencies cited, with the ringgit strengthening to 12.0611/0833 from 12.0678/0836.
