KUALA LUMPUR: The ringgit ended lower against the US dollar yesterday on a lack of buying interest as the US Dollar Index rebounded after recent losses by the greenback, analysts say.
At 6pm, the ringgit depreciated to 4.6950/6985 versus the greenback from yesterday’s close of 4.6850/6875.
Bank Muamalat (M) Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the dollar/ringgit dropped 0.17% from the previous day’s level and, similarly, the ringgit was weaker against other major currencies.
“It appears that there has been some profit-taking activities as the ringgit has been on the rise early this month.
“This week, the US Federal Reserve speakers are lining up to share their views on the state of the economy and generally speaking, the higher for longer narratives are pretty much intact thus far,” he said. — Bernama.