KUALA LUMPUR: The ringgit eased against most currencies, including the US dollar, as investors shifted towards safe-haven assets amid concerns over volatile crude oil prices.
At 6 pm, the local note depreciated to 3.9690/9740 against the greenback from 3.9495/9540 at yesterday’s close.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said uncertainties over crude oil prices have heightened, with West Texas Intermediate (WTI) and Brent crude rising 1.28 per cent and 3.44 per cent to US$108.25 per barrel and US$122.09 per barrel, respectively.
On another development, he told Bernama that the United States (US) Federal Open Market Committee (FOMC) is unlikely to cut interest rates in the near term, as its latest decision showed that some policymakers preferred to keep rates unchanged rather than move towards easing.
At its third meeting of the year, the FOMC maintained the target range for the US federal funds rate at 3.50 - 3.75 per cent.
At the close, the ringgit traded lower against a basket of major currencies.
It eased against the Japanese yen to 2.4907/4942 from 2.4709/4739 at the close on Wednesday, slid against the euro to 4.6417/6476 from 4.6197/6250 yesterday, and slipped versus the British pound to 5.3593/3661 from 5.3330/3391 previously.
The local currency also weakened against regional peers.
It depreciated against the Singapore dollar to 3.1061/1103 from 3.0909/0946 at Wednesday’s close, fell against the Thai baht to 12.1711/1932 from 12.0791/0980 yesterday, decreased against the Indonesian rupiah to 228.7/229.2 from 227.9/228.3, and receded against the Philippine peso to 6.45/6.47 from 6.41/6.42 previously.
The local market will be closed tomorrow in conjunction with the Labour Day public holiday. - Bernama
