Kuala Lumpur: The ringgit closed lower against the US dollar on Tuesday on profit-taking after recent sharp gains, in line with other regional currencies, as the United States signalled a lower interest rate cut going forward.
At 6pm, the ringgit traded at 4.1530/1610, down from Monday’s close of 4.1210/1280.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid attributed the weaker performance to the latest remarks by US Federal Reserve (Fed) chairman Jerome Powell, who reassured markets that monetary easing would continue but that the Fed is not in a hurry to cut rates quickly.
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