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Ringgit slips against USD at the close | Scoop

Ringgit Malaysia - AZIM RAHMAN-4 — At 6 pm, the ringgit weakened to 4.4765/4820 against the US dollar, compared to 4.4715/4780 on Friday. — Scoop file pic, November 18, 2024

Ringgit slips against USD at the close

Economist cites high demand for the US dollar as uncertainties drive investors toward safer assets

Updated 18 November, 2024

18 November, 2024

6:38 PM MYT

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

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