KUALA LUMPUR, Nov 26 — The ringgit ended lower against the US dollar today amid the greenback’s instability after the Federal Reserve (Fed) signalled the likelihood of holding interest rates in the coming months, said a dealer.
At 6pm, the ringgit settled at 4.1810/1850 against the greenback compared with yesterday’s close of 4.1770/1800.
FXTM senior research analyst Lukman Otunuga said the US dollar struggled for direction after Fed chairman Jerome Powell hinted that the US central bank was unlikely to cut interest rates anytime soon.
“With the Fed pausing on further monetary policy easing, the dollar will be influenced by trade developments and economic data from the United States.
“This means investors will direct their attention towards the Conference Board (CB) Consumer Confidence report scheduled for release this afternoon.
“Appetite towards the dollar is likely to receive a boost if the report exceeds market expectations,” he said.
Meanwhile, the ringgit traded mixed against other major currencies.
The local currency was higher against the Singapore dollar at 3.0596/0630 from 3.0603/0629 yesterday and also rose versus the British pound to 5.3784/3848 from 5.3804/3847.
However, it declined against the yen to 3.8372/8412 from 3.8367/8405 and depreciated against the euro to 4.6050/6098 from 4.5993/6043. — Bernama
