THE ringgit remained marginally lower against the US dollar today, in line with other emerging currencies, driven by concerns over the bearish economic outlook, dealers said. 

At 6pm, the local note slipped to 4.7215/7255 against the greenback from yesterday’s close of 4.7150/7195. 

Federal Reserve Bank of Cleveland president Loretta Mester said the United States central bank will likely need to raise rates again this year and then hold them at higher levels for some time to get inflation back to its 2% target.  

Back home, Bank Negara Malaysia governor Abdul Rasheed Ghaffour said Malaysia’s economy remains resilient while anchored by domestic-oriented activities and will continue to be supported by labour market conditions and investments moving into next year. 

In his speech at the 13th International Conference on Financial Crime and Terrorism Financing today, Abdul Rasheed said labour market conditions, particularly employment and wages, have continued to improve, supporting households’ ability to spend. 

Meanwhile, the ringgit was traded higher versus a basket of major currencies. 

It rose against the euro to 4.9500/9542 from 4.9677/9725 yesterday and appreciated vis-a-vis the British pound to 5.7031/7079 from 5.7358/7413.  

It went down against the yen, however, to 3.1504/1533 from 3.1492/1524 at yesterday’s close. 

The local note was also traded mixed against other Asian currencies. 

It increased versus the Thai baht to 12.7381/7540 from 12.7626/7796 yesterday and rose against the Indonesian rupiah to 303.0/303.4 from 303.5/304.0 previously. 

It was easier against the Philippine peso at 8.31/8.32 compared with yesterday’s closing of 8.30/8.31 and strengthened against the Singapore dollar to 3.4366/4400 from 3.4373/4409 previously. – Bernama, October 3, 2023.