Ringgit ends lower against US dollar

KUALA LUMPUR: The ringgit ended 0.4% lower against the US dollar on bearish demand for the local note and capped by falling commodity prices.
At 5pm, the ringgit was quoted at 3.8520/550 against the greenback from 3.8510/8550 on Monday.
MIDF Amanah Investment Bank Bhd's research arm MIDF Research said the ringgit was expected to be in the range of RM3.80-RM3.90 by year-end, but it would not breach the 4.00 to a US dollar level.
The ringgit closed at RM3.85 yesterday, the lowest value for the past 17 years. Year-to-date, the ringgit has lost about 8.4% against the greenback, making it the worst-performing currency in Asia.
MIDF Research said the expected increase in US interest rate, falling oil prices and domestic political scenario were the main reasons for the recent downfall in ringgit.
Meanwhile, the ringgit was traded mixed against other major currencies. It fell against the Singapore dollar to 2.7982/7014 from 2.7958/7990 yesterday, decreased against the yen to 3.1070/1099 from 3.1014/1049, and eased against the euro to 4.2256/2297 from 4.2238/2297 previously.
However, the local unit was higher against the pound sterling to 6.0018/0084 from 6.0156/0231 yesterday. – Bernama