KUALA LUMPUR: The ringgit ended lower against the greenback yesterday amid cautious sentiment ahead of the US Federal Reserve’s (Fed) Jackson Hole symposium.
At 6pm, the ringgit eased to 4.0305/0350 against the US dollar from Wednesday’s close of 4.0240/0280.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said traders would scrutinise US Fed chair Kevin Warsh’s speech at the Jackson Hole symposium for clues on the Fed’s possible decision at the upcoming Federal Open Market Committee meeting on Sept 15 to 16.
He said the US government’s debt, which currently stands at US$40.1 trillion, coupled with rising Treasury yields, would result in higher debt servicing costs.
