KUALA LUMPUR, May 19 — The ringgit closed weaker against the US dollar in a quiet trading session today as market players shifted their focus to the US Federal Open Market Committee (FOMC) meeting later today.
At 6pm, the local currency was traded at 4.1360/1400 against the greenback from Tuesday’s close of 4.1250/1280.
Traders said the release of the minutes from the FOMC meeting in April may include some clues on monetary policies in the months ahead.
SPI Asset Management global managing partner Stephen Innes said the ringgit along with other currencies from petroleum producing countries were also dragged down as oil prices tumbled.
“Oil prices have remained under pressure on a possible US-Iran nuclear deal that could see more barrels coming back to the market,” he told Bernama.
At the time of writing, benchmark Brent crude fell 1.88 per cent to trade at US$67.42 per barrel.
Meanwhile, the local note was traded lower against other major currencies.
The ringgit dropped against the Singapore dollar at 3.1039/1086 from 3.1010/1038 yesterday, and went down against the yen to 3.7882/7929 from 3.7868/7903.
The local unit marginally declined vis-a-vis the British pound to 5.8586/8651 from 5.8583/8646 and dipped against the euro at 5.0496/0562 compared with Tuesday’s close of 5.0391/0444. — Bernama
