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 6pm, 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 and Brent crude rising 1.28% and 3.44% to US$108.25 per barrel and US$122.09 per barrel, respectively.
On another development, he told Bernama that the United States 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 3.5% to 3.75%.
At the close, the ringgit traded lower against a basket of major currencies.
