Ringgit ends lower against US dollar
KUALA LUMPUR, Dec 16 — The ringgit ended the week on a lower note against the US dollar today amid a hawkish outlook by both the United States Federal Reserve (Fed) and European Central Bank (ECB).
The Fed and ECB sent risk sentiment into the tank, causing a flush out in risk assets, with traders trying to figure out where peak interest rates lie.
At 6pm, the local note was traded at 4.4220/4265 against the greenback compared with 4.4195/4260 at yesterday’s close.
SPI Asset Management managing director Stephen Innes said in a week that saw the broader market 2023 pivot hope dashed, investors were examining the overnight movement with great detail.
“Investors are determining if the collapse in risk sentiment were part of a larger and more complex darker economic issue or, with the significant risk events behind us, will they see calmer waters heading towards the year-end?” he told Bernama.
Amid the situation, he said that for…
