Ringgit Ends Marginally Lower Against US Dollar

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KUALA LUMPUR, June 12 (Bernama) -- The ringgit finished marginally lower against the US dollar as demand for the local note dwindled ahead of the US Federal Reserve (Fed) meeting.

At 6 pm, the ringgit was quoted at 3.9880/9910 against the greenback from Monday’s close of 3.9860/9900.

In a statement Tuesday, FXTM Research Analyst Lukman Otunuga said the Fed, which was widely expected to conclude its two-day meeting on Wednesday, was expected to increase interest rates which was supportive of a stronger greenback Tuesday.

"It's a foregone conclusion that the US interest rate will increase in June, so attention will mostly be directed towards the economic projections and press conference by Fed Chair, Jerome Powell," he said.

Otunuga added that investors would most likely scrutinise the fresh projections and Powell’s clues to the rate hike timings beyond June.

At the close, the local unit was traded mostly lower against a basket of currencies.

It fell against the British pound to 5.3415/3475 from yesterday's close of 5.3281/3342, slipped against the Singapore dollar to 2.9897/9931 versus 2.9855/9897 on Monday and declined against the euro to 4.7038/7082 from 4.6987/7054 Monday.

However, vis-a-vis the Japanese yen, the local unit advanced to 3.6205/6242 from 3.6223/6263 on Monday.