BERNAMA – The ringgit extended its losses for the second consecutive day, closing lower against the US dollar yesterday as concerns over the global economic outlook drove investors toward safe-haven currencies, according to analysts.
At 6pm, the local currency slipped to 4.4675/4720 against the greenback, down from Monday’s close of 4.4570/4625.
Managing Director of SPI Asset Management Stephen Innes highlighted that the BRICS tariff threat continues to weigh on regional markets. Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said market sentiments remain uneasy about the recent remarks by Donald Trump on tariffs amid his approaching inauguration on January 20, 2025.
“Perhaps, the Federal Open Market Committee (FOMC) meeting on December 17 and 18 would shed more light on how the United States (US) Federal Reserve (Fed) sees the economy as they will share their latest macroeconomic forecast, especially prospects for the Fed Fund Rate in 2025,” he said.
The ringgit was also traded lower against a basket of major currencies. It weakened versus the British pound to 5.6643/6700 from 5.6613/6683, depreciated against the euro to 4.7003/7050 from 4.6856/6914 and eased against the Japanese yen to 2.9825/9859 from 2.9648/9687 at Monday’s close.
The local unit traded mostly lower against ASEAN currencies.
It fell against the Singapore dollar to 3.3223/3261 versus 3.3113/3156, almost flat against the Indonesian rupiah to 280.1/280.5 from 280.1/280.6 and went down versus the Thai baht to 12.9854/13.0042 from 12.9196/9423.
The ringgit dipped against the Philippine peso to 7.62/7.63 from 7.59/7.61.
