KUALA LUMPUR: The ringgit closed lower against the US dollar as traders remained cautious ahead of Bank Negara’s Monetary Policy Committee (MPC) meeting, says an analyst.
At 6pm yesterday, the local note depreciated to 4.2285/2360 versus the greenback compared with Monday’s close of 4.1990/2035.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the MPC meeting tomorrow would be on traders’ radar.
“We foresee that Bank Negara might lower its policy rate as a preemptive measure to provide support for growth,” he told Bernama.
Mohd Afzanizam said traders also remained focused on the two-day US Federal Open Market Committee meeting which began yesterday.
At the close, the ringgit performed weaker against its Asean peers including Singapore and Thailand.
