Ringgit ends lower against US dollar

KUALA LUMPUR: The ringgit retreated against the US dollar today after trading higher for the past two days, dampened by weak oil prices as well as influenced by sentiment over US interest rate increase, a dealer said.
At 6pm, the ringgit was quoted at 4.1590/1650 against the greenback from 4.1550/1600 yesterday.
Global benchmark Brent crude oil slipped 1.32 per cent to US$50.79 per barrel.
FXTM Market Research Vice President, Jameel Ahmad, said the subdued trading atmosphere could be due to the rising expectations of a US interest rate rise.
"With US interest rate expectations for December moving beyond 70 per cent, it does appear that the Federal Reserve has achieved success when it comes to preparing the financial markets for an interest rate rise in the coming months.
"This has still not been fully priced into the financial markets, meaning that at the very least emerging market assets and precious metals will find themselves under further pressure if investor confidence over a probably US interest rate increase in December gains additional momentum," he said.
The ringgit was traded lower against a basket of major currencies.
It depreciated against the Singapore dollar to 2.9936/9983 from 2.9862/9904 on Tuesday and rose against the British pound to 5.0777/0867 versus 5.0857/0923 previously.
The local unit weakened against the euro to 4.5429/5507 from yesterday's 4.5227/5286 and was lower against the yen to 3.9929/9990 from Wednesday's 3.9776/9831. — Bernama