KUALA LUMPUR — The ringgit slipped against the US dollar at the close on Monday amid the mixed performance of regional currencies, said Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid.
At 6 pm, the local currency eased to 4.4765/4820 versus the greenback from Friday’s close of 4.4715/4780.
He said the US Dollar Index (DXY) has remained at an elevated level of 106 points, signalling high demand for the US dollar as traders and investors sought protection against heightened uncertainties.
“It seems that the current juncture is favouring the US dollar given that the US Federal Reserve (Fed) may want to revisit its monetary easing stance as President-elect Donald Trump lines up his cabinet members for next year,” he said. — November 18, 2024