KUALA LUMPUR: The ringgit closed lower against the US dollar today on lack of demand for the local note, a dealer said.
At 6pm, the local unit stood at 4.2825/2865 against the greenback compared with Tuesday’s close of 4.2800/2840.
The dealer said investors favoured the US dollar, causing it to rise from a 13-month low as they trimmed some short bets ahead of the Federal Reserve policy decision meeting, which will end on Wednesday.
However, Oanda Senior Trader, Stephen Innes told Bernama that overall the local note was positioned favourably.
“The macro landscape looks appealing, and currency stability via Bank Negara Malaysia’s (BNM) policies is working.
“While some concerns go on about domestic liquidity, but so far as BNM moves to more liberalised currency policy, investors are cheering,” he said.
The ringgit was mostly higher against other major currencies.
It rose against the yen to 3.8281/8320 from 3.8399/8446 on Tuesday and strengthened versus the Singapore dollar to 3.1401/1442 from 3.1431/1472.
Vis-a-vis the euro, it improved to 4.9814/9865 from 4.9879/9934 but declined to 5.5745/5806 from 5.5696/5761 when compared with the British pound. — Bernama