Ringgit ends lower against US dollar

THE ringgit ended weaker versus the US dollar on Tuesday as the greenback continued to strengthen amid growing risk-off sentiment, an analyst said.

At 6pm, the local currency slipped to 4.4865/4900 against the greenback from Monday’s close of 4.4855/4870.

The analyst said investors are cautiously awaiting key economic data to be released this week.

“US Federal Reserve chair Jerome Powell’s comments at the annual Jackson Hole economic symposium this Friday is also crucial in determining the central bank’s next interest rate direction to tame inflation,” the analyst added.

Meanwhile, the ringgit was traded higher against a basket of major currencies today.

It rose against the Singapore dollar to 3.2141/2170 from 3.2147/2163 at Monday’s close and increased versus the British pound to 5.2833/2874 from 5.2947/2965 previously.

The local unit also appreciated against the euro at 4.4551/4586 from 4.4886/4901 and increased slightly vis-a-vis the Japanese yen at 3.2662/2690 from 3.2786/2800 previously. — BERNAMA / TMRgraphic