KUALA LUMPUR, Jan 14 — The ringgit finished lower today after closing higher for five consecutive trading days, but the local currency’s prospect remains constructive due to high oil prices and uncertainties in the United States, which would influence the US dollar’s performance.
At 6 pm, the ringgit slid to 4.1765/1795 against the greenback from 4.1750/1775 at yesterday’s close.
Bank Islam Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit’s prospect was still on the upside despite rate hike calls in the US gaining further momentum, which could push the dollar higher.
Meanwhile, the local note was traded mixed against a basket of other major currencies.
The ringgit eased versus the Singapore dollar to 3.1045/1070 from 3.1034/1055 yesterday and weakened against the Japanese yen to 3.6675/6704 from 3.6450/6472.
However, it rose against the British pound to 5.7339/7380 from 5.7348/7382 on Thursday and appreciated vis-a-vis the euro to 4.7846/7880 from 4.7883/7912.