KUALA LUMPUR: The ringgit closed lower against the US dollar but strengthened against most major and ASEAN currencies on Monday as investors remained cautious ahead of the US Federal Reserve’s (Fed) policy meeting, an analyst said.
At 6 pm, the ringgit eased to 4.0855/0895 against the greenback from Friday’s close of 4.0835/0875.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said US President Donald Trump’s hawkish stance towards Iran also pointed to upside risks to crude oil prices.
"This is a critical backdrop for the US Federal Open Market Committee members as they deliberate their decision on Oct 28, especially their views on the risk of higher inflation going forward,” he told Bernama.
Against major currencies, the ringgit strengthened against the British pound to 5.4517/4570 from 5.4633/4687 at Friday’s close and the Japanese yen to 2.5961/5988 from 2.6076/6103.
However, it weakened against the euro to 4.5774/5819 from 4.5735/5780 previously.
The ringgit also gained against its ASEAN peers, strengthening against the Singapore dollar to 3.1920/1954 from 3.1952/1986 at Friday’s close, and the Indonesian rupiah to 225.3/225.5 from 225.8/226.1.
It also advanced against the Thai baht to 12.0766/0930 from 12.0985/1154 and the Philippine peso to 6.39/6.40 from 6.42/6.43 previously. - Bernama
