KUALA LUMPUR, May 2 (Bernama) — The ringgit closed lower against the US dollar today as investors shifted interest towards the greenback on news of a possible cut in the overnight policy rate by Bank Negara Malaysia, dealers said.

 At 6pm, the ringgit stood at 4.1355/1385 against the greenback compared with 4.1320/1370 at Tuesday’s close.

A dealer said that the greenback has rebounded slightly after some brief losses overnight with traders focusing on relatively confident comments from US Federal Reserve chairman Jerome Powell on the economy’s outlook.

The Fed had initially hinted that there may be an interest rate cut before the year-end.

Meanwhile, the ringgit was traded mostly lower against other major currencies.

It fell against the Singapore dollar to 3.0372/0406 from 3.0362/0410 on Tuesday and depreciated versus the British pound to 5.3985/4032 from 5.3662/3744.

The local currency strengthened vis-a-vis the yen to 3.7073/7103 from 3.7118/7170, but declined against the euro to 4.6318/6368 from 4.6311/6384. — Bernama