KUALA LUMPUR: The ringgit reversed yesterday's gains to close lower against the US dollar today as investors shifted their focus to the greenback, a dealer said.
At 5pm, the local unit was quoted at 4.3200/3300 against the greenback from 4.3000/3100 on Tuesday.
The dealer said the US dollar was firmer today, spurred by short-covering ahead of an anticipated historic interest rate hike in the US today.
Forex Time Research Analyst Lukwan Otunuga said erratic movements continued to affect the currency markets as eager investors made the most of the incredible levels of volatility in the hope of being on the right side of one of the most anticipated financial events of 2015.
"While part of the unrestrained volatility in recent days could contribute towards the milestone lows found in the price of oil, there are still lingering concerns that the statement from the Federal Open Market Committee meeting will be strictly dovish," he said.
The Federal Reserve is expected to announce its first interest rate increase in almost a decade tonight following the conclusion of its two-day policy meeting.
The local unit was also traded mixed against other major currencies at closing today.
It weakened against the Singapore dollar to 3.0630/0709 from Tuesday's close of 3.0561/0639 and was lower against the yen at 3.5424/5518 from 3.5552/5638.
However, the ringgit appreciated against the British pound to 6.4882/4045 from Tuesday's close of 6.5081/5245 and strengthened against the Euro to 4.7252/7366 from 4.7412/7539. —Bernama
Source: http://www.thesundaily.my/news/1639677
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