KUALA LUMPUR: The ringgit closed lower against the US dollar today as it is still feeling the impact of the Donald Trump’s US presidential election win, a dealer said.
At 6pm, the ringgit was traded at 4.4600/4650 against the US dollar from 4.4530/4600 on Friday.
Second Finance Minister, Datuk Johari Abdul Ghani, said Malaysia has no option but to face the current volatility of the ringgit while focusing on enhancing its economic fundamentals.
“The US needs money and funds. Americans have been investing overseas and it is estimated that about US$2-US$3 trillion of their investments are in Asean countries.
“To bring back the money, the US will raise interest rate and when this happens, our interest rate will become not so attractive,” he said.
The further decline of the ringgit was worsened by speculative activities in the offshore market, he said.
The ringgit was traded mostly lower against other major currencies.
It fell against the Singapore dollar to 3.1265/1320 from 3.1159/1224 on Friday and declined against the yen to 3.9747/9802 from 3.9379/9455 previously.
The ringgit eased against the euro at 4.7463/7521 from 4.7175/7267 on Friday.
It, however, rose against the British pound to 5.5482/5549 from 5.5538/5639 previously.--BERNAMA