KUALA LUMPUR, Nov 1 — The ringgit extended yesterday’s losses to close lower against the US dollar today on better demand for the greenback and on concern of an impending interest rate hike by the US Federal Reserve (Fed), dealers said

At 6pm, the ringgit depreciated to 4.7345/7375 against yesterday’s close of 4.7260/7300.

SPI Asset Management managing director Stephen Innes said Asian currencies including that of Malaysia are still struggling ahead of the expected 75 basis point rate hike by the Fed tomorrow.

"And with the sift manufacturing data in China echoing a deepening slowdown, ringgit weakness is likely to persist until China’s Covid-19 zero policy is reversed.

"Speaking of which there were rumours that China could ease Covid-19 measures in March 2023 as opposed to the end of the second quarter of 2023 that was widely expected, and if China were to give a nod to this (rumours), it would provide a boost to the economy’s recovery,” he told Bernama.

Meanwhile, higher crude oil prices failed to push the ringgit up as traders were not convinced of its sustainability considering the global supply glut.

At the time of writing, the benchmark Brent crude oil price rose 1.33 per cent to US$94.04 per barrel.

Meanwhile, the ringgit was traded mostly lower against a basket of major currencies.

It went down against the Japanese yen at 3.2107/2130 from 3.1833/1863, fell versus the euro to 4.7033/7062 from 4.7000/7040 and depreciated vis-a-vis the Singapore dollar to 3.3571/3595 from 3.3409/3439 yesterday.

The local note improved against the British pound to 5.4608/4642 from 5.4647/4693 at yesterday’s close. — Bernama