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Budget concerns weigh on Ringgit

KUALA LUMPUR, Oct 25 — The Ringgit ended lower against the US dollar in quiet session today as investors remained cautious over local capital markets against the backdrop of a possible rise in US interest rates.

At 6pm, the local unit was traded at 4.2340/2370 versus the US dollar from 4.2320/2350 on Tuesday.

OANDA Head of Trading Asia-Pacific Stephen Innes said attention were also focused on who would be appointed next as the US Federal Reserve chair.

On the domestic front, Innes said investors would closely watch the 2018 Budget announcement this week, where Prime Minister Datuk Seri Najib Razak is expected to walk the fine line between reducing fiscal deficit and providing enough tax incentives.

“What happens on the deficit front will likely shape the ringgit’s fortunes in the near to medium-term outlook. A balanced budget would greatly appeal to foreign investors,” Innes told Bernama.

Meanwhile, the ringgit was traded mixed against other major currencies.

The local note rose against the yen to 3.7069/7105 from 3.7234/7267 on Tuesday and improved against the Singapore dollar to 3.1055/1079 from 3.1077/1110 yesterday.

Malay Mail via Bernama

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Budget concerns weigh on Ringgit


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