KUALA LUMPUR: The ringgit ended lower against the US dollar yesterday as stronger-than-expected United States labour market data reinforced expectations that the US Federal Reserve would maintain its restrictive monetary policy stance, boosting demand for the greenback, an economist says.
At 6pm, the local note depreciated to 4.0715/0760 against the US dollar from last Friday’s close of 4.0280/0320.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit eased by 1.04% against the US dollar, in tandem with most Asian currencies, which also traded lower against the greenback.
He said crude oil prices were also higher today due to the ongoing war between the United States, Israel, and Iran, which will result in the closure of the Strait of Hormuz.
