Ringgit ends lower against dollar
The ringgit has traded lower against the US dollar on lack of demand amid lingering concerns about China’s economy and the weakening of the yuan. – The Malaysian Insight file pic, June 19, 2023.
At 6pm, the local note ended at 4.6265/6350 against the greenback from 4.6130/6165 at the close last Friday. “Oil prices are also taking a bearish turn on China GDP downgrades, but with rate cuts and policy stimulus on the cards, we could expect an oil price tug-of-war to ensue between the current weaker growth momentum and increased policy support,” he told Bernama.
Meanwhile, Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid said the ringgit remained soft as the US Dollar Index, Brent crude and Chinese yuan were all pointing to a weaker ringgit.
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