Malaysian Ringgit Closes Higher Against US Dollar

KUALA LUMPUR, Dec 27 (Bernama) -- The Malaysian ringgit strengthened against the US dollar Thursday on renewed buying interest for the local currency, said an analyst. At 6 pm, the local note was pegged at 4.1660/1700 against the greenback versus Wednesday's close of 4.1750/1790. Inter-Pacific Securities Sdn Bhd Head of Research Pong Teng Siew said the weakening of the US dollar was due to potentially softer economic outlook for the US. “The market expects a lower likelihood of interest rate hike next year,” he told Bernama. The US Federal Reserve raised interest rates for the fourth time this year by a quarter of a percentage point during its December meeting recently, signalling for a slow pace of further interest rate increases next year. The US government partial shutdown entered into its sixth day today and likely to be extended into the new year. Meanwhile, the ringgit was also higher against major currencies. It rose against the Singapore dollar to 3.0329/0369 against 3.0441/0486 on Wednesday and advanced against the Japanese yen to 3.7576/7618 from 3.7755/7802. The local unit was higher against the British pound to 5.2600/2667 from 5.2981/3040 and appreciated against the euro to 4.7459/7521 from 4.7528/7578. -- BERNAMA