KUALA LUMPUR: The ringgit closed lower against the US dollar as the greenback continued its uptrend after growing optimism emerge over the likelihood of the US Senate passing the tax-reform bill.
At 6pm, the local unit was quoted at 4.0870/0890 against the US dollar from 4.0860/0890 on Thursday.
Oanda Corp Head of Trading for Asia Pacific Stephen Innes said speculation that the US Federal Reserve would fast-track the decision to hike interest rates, at its policy meeting on Dec 12-13, also presented some near-term headwinds for the ringgit.
“The market also lacked buying support ahead of the release of the much anticipated non-farm payroll report later today.
“Furthermore, the year-end holidays is approaching and many investors will be winding down their positions,” he told Bernama.
Against a basket of major currencies, the ringgit was traded mostly higher, except against the British pound.
It rose against the Singapore dollar to 3.0191/0217 from 3.0255/0298 on Thursday, advanced against the yen to 3.5983/6011 from 3.6265/6301 and appreciated against the euro to 4.7961/7997 from 4.8170/8209, yesterday.
The local note was traded lower against the pound at 5.5076/5107 from 5.4667/4719 on Thursday. — Bernama
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.