KUALA LUMPUR, Nov 5 — The ringgit closed lower against the US dollar as the market remained jittery as it awaited the outcome of the US Federal Reserve’s two-day policy meeting while also digesting Bank Negara Malaysia’s decision to keep the overnight policy rate (OPR) at 1.75 per cent in the final 2021 meeting.
At 6pm, the local note decreased versus the greenback to 4.1585/1605 from 4.1530/1550 at Wednesday’s close.
OANDA Asia Pacific senior market analyst Jeffrey Halley said the strong US dollar rally overnight is a clear warning, though, that a blowout payroll number to the topside and a consequent rise in US yields could see another wave of selling in the Asian foreign exchange market next week.
The market is also looking forward to the US Nonfarm Payrolls report to be released later tonight, which could lend more support for the dollar.
At the close, the ringgit was traded mostly higher against a basket of major currencies except against the Japanese yen.
The local note further strengthened vis-a-vis the British pound to 5.5865/5892 from 5.6585/6612 previously, rose against the Singapore dollar at 3.0729/0746 from 3.0781/0798 at Wednesday’s close and improved against the euro to 4.7997/8020 from 4.8142/8165 on Wednesday.
The local note however fell against the Japanese yen to 3.6536/6553 from 3.6478/6499.
— Bernama
