KUALA LUMPUR, April 19 — The ringgit ended marginally lower against the US dollar today, and is seen trapped in a sideways channel, said Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid.
At 6 pm, the local note depreciated to 4.4385/4435 against the greenback from 4.4315/4360 on Tuesday’s close.
“There are not many supporting catalysts for the ringgit and at the same time, market sentiments are inclined towards the US dollar as it seems to suggest that the Federal Reserves (Fed) will deliver a 25 basis points hike in the Fed Fund Rate during the Federal Open Market Committee meeting in May.
“This will lift the value of the US dollar in the immediate term,” he told Bernama. — Bernama