By Anas Abu Hassan
KUALA LUMPUR, Nov 11 (Bernama) -- The ringgit retreated to close lower against the US dollar on Monday as investors turned cautious in a data-packed week that included US inflation numbers, an economist said.
At 6 pm, the local note fell to 4.4090/4120 versus the greenback from last Friday’s close of 4.3800/3850.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the greenback has seen high demand after Donald Trump’s US election victory.
"The US dollar is in high demand as (President-elect) Trump’s policies are seen to be inflationary and could deter the pace of monetary easing by the US Federal Reserve (Fed) next year. Until such uncertainties are addressed, the US dollar will likely be on the (front foot)," he told Bernama.
US consumer prices are due on Thursday and a core reading above the 0.3% forecasted would further reduce the chance of a Fed easing in December, according to a Reuters report.
At the close, the ringgit was traded mostly higher against a basket of major currencies.
It went up versus the Japanese yen to 2.8701/8722 from 2.8763/8798 at Friday's close, rose against the euro to 4.7088/7120 from 4.7212/7266 but weakened vis-a-vis the British pound to 5.6872/6910 from 5.6765/6830 previously.
The local note traded mixed versus ASEAN currencies.
The ringgit was marginally higher against the Singapore dollar at 3.3120/3148 versus 3.3149/3190 last Friday and rose against the Thai baht to 12.8243/8390 from 12.8710/8925 previously.
However, the local unit fell versus the Philippine peso to 7.52/7.53 from last Friday’s 7.51/7.53 and slipped against the Indonesian rupiah to 280.9/281.3 from 279.4/279.9.
-- BERNAMA
