Malaysian Ringgit Closes Weaker Against US Dollar

KUALA LUMPUR, Nov 5 (Bernama) -- The Malaysian ringgit closed weaker against the US dollar on Monday, dragged down by external uncertainties ahead of the US mid-term elections. At 6 pm, the ringgit stood at 4.1730/1780 versus the greenback from Friday’s close of 4.1600/1650. FXTM Global Head of Currency Strategy and Market Research Jameel Ahmad said according to most polling data, the Democrats would likely take control of the House of Representatives with the Republicans retaining the majority in the Senate at tomorrow’s US mid-term elections. “Such an outcome would limit Donald Trump’s power in passing policies, whether it’s fiscal or trade, which is why emerging markets will be at risk to volatility as a result of investors reshuffling their positions,” he said. However, the local unit was mixed against other major currencies. The ringgit fell against the Singapore dollar to 3.0325/0372 from 3.0321/0362 on Friday, but vis-a-vis the Japanese yen, it appreciated to 3.6838/6885 from 3.6889/6940. It declined against the British pound to 5.4266/4347 from yesterday’s 5.4196/4266 but strengthened against the euro to 4.7493/7554 from 4.7582/7643. -- BERNAMA