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Ringgit closes lower against US dollar

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Ringgit closes lower against US dollar Empty Ringgit closes lower against US dollar

Post by Cals Thu 28 Nov 2013, 18:42

Ringgit closes lower against US dollar
Business & Markets 2013
Written by Bernama   
Thursday, 28 November 2013 17:50
KUALA LUMPUR (Nov 28): The ringgit closed lower against the US dollar today in line with regional markets, on growing concerns of US scaling back its economic stimulus programme, dealers said.
At 5pm, the ringgit was quoted at 3.2314/2340 to the dollar from yesterday's 3.2290/2320.
A dealer said most emerging Asian currencies eased as strong US data, such as weekly jobless claims, strengthened expectations that the Federal Reserve (Fed) may start scaling back its stimulus soon.
"More pressure is expected on Asian currencies given the bleak economic outlook with the Fed tapering expected next year.
"Regional currencies were seen vulnerable to capital outflows once the Fed finally starts reducing its bond-buying programme that has fuelled dollar inflows to emerging markets," he said.
The ringgit closed mixed against other major currencies.
The local unit appreciated against the Singapore dollar to 2.5745/5771 from 2.5772/5798 on Wednesday and firmed against the yen to 3.1627/1662 from 3.1750/1795 previously.
It weakened against the British pound at 5.2659/2717 from 5.2394/2455 yesterday and eased against the euro to 4.3961/4008 from 4.3872/3920 on Wednesday.
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