Ringgit lower against US dollar

KUALA LUMPUR: The ringgit ended slightly lower against the dollar today after Bank Negara Malaysia (BNM) left its interest rates unchanged, a dealer said.
At 6pm, the local note was quoted at 3.9030/9080 vis-a-vis the greenback from Tuesday's 3.9020/9050.
FXTM Global Head of Currency Strategy and Market Research Jameel Ahmad said the impact was seen on the local note performance, despite the widely expected decision by the BNM's Monetary Policy Committee to maintain the Overnight Policy Rate at 3.25%.
"What is noteworthy from the accompanying statement is that the central bank has highlighted that the global economy has continued to strengthen. It has also highlighted that global trade is showing strong growth momentum, which is a positive news for the local economy as an export market.
"And what might benefit the ringgit over the coming trading sessions is the unexpected news that Trump's top economic adviser Gary Cohn has resigned overnight," he said.
This should put further pressure on the dollar that is already looking vulnerable to losses, potentially strengthening the ringgit as a consequence.
Meanwhile, the local note weakened against a basket of major currencies.
It declined against the Singapore dollar to 2.9687/9730 from yesterday's 2.9576/9608 and fell against the yen to 3.6950/6008 from 3.6857/6888.
The ringgit also depreciated against the British pound to 5.4107/4192 from 5.4039/4084 yesterday and decreased against the euro to 4.8483/8561 from 4.8158/8211. — Bernama