Malaysian Ringgit closes lower against USD

The Ringgit closed lower against the US dollar today, in line with most emerging Asian currencies, on cautious sentiment ahead of the US Federal Reserve's policy meeting.


At 5pm, the ringgit was quoted at 3.8140/8160 against the US dollar, touching its 17-year low, compared with 3.8080/8100 recorded last Friday. At 3.8140 it is at its weakest since September 1998. 

The Malaysian currency was pegged at 3.8000 between 1998 and 2005.

The central bank was spotted in the market trying to limit further losses in the worst-performing Asian currency so far this year. 

Malaysia's international reserves fell to $100.5 billion as of July 15 from $105.5 billion as of June 30, central bank data showed on July 23. 

 

A dealer said investors would closely monitor the outcome of the two-day meeting, which would commence later today.

"Furthermore, the weak commodity prices put additional pressure on the ringgit," he said.
The ringgit was also traded lower against other major currencies.

It fell against the Singapore dollar to 2.7866/7889 from 2.7763/7798 last week and declined against the yen to 3.0880/0909 from 3.0715/0733 last Friday.

The local unit depreciated against the pound sterling to 5.9201/9247 from 5.8978/8017 previously and weakened against the euro to 4.2248/2274 from 4.1652/1678 last week.

/Bernama/theSTAR 27-07-2015

Disclaimer: Views or opinions expressed are solely those of the Author and should be used with discretion. The Author shall not be held liable for any acts or omissions arising from the use of the information. The user will be personally liable for any damages or other liability arising hereof.