The US$/ringgit may rise to 4.2 in next three months vs 3.95 on May 8.
KUALA LUMPUR: The ringgit ended easier against the US dollar today on lack of buying interest, a dealer said.
He said the weaker local note was impacted by the anticipation of an interest rate increase of 25-basis point by the US Federal Reserve (Fed) at the coming two-day Federal Open Market Committee meeting scheduled tomorrow.
At 6 pm, the local note was quoted at 3.9160/9190 against the US dollar compared with last Friday’s 3.9070/9120.
“Alongside the ringgit, most major currencies also fell against the US dollar on a lack of demand, with investors returning to the greenback’s embrace.
“The local note could be under renewed pressure against the US dollar for sometime, as the Fed is certain to raise interest rates four times this year instead of what was in their dots before,” he said.
Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.
The ringgit rose against the Singapore dollar to 2.9712/9746 from Friday’s 2.9761/9810 and strengthened versus the euro to 4.8096/8137 from 4.8138/8215 last week.
Vis-a-vis the yen, the ringgit was higher at 3.6936/6975 from 3.6953/6010 last week, but lower at 5.4718/4768 from 5.4565/4643 against the British pound previously. - Bernama
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