THE ringgit continued to end lower against the US dollar for the third consecutive day today due to subdued demand for the local note.

At 6pm, the ringgit slid to 4.6895/6965 against the greenback from yesterday’s close of 4.6800/6860.

Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid said China’s Consumer Price Index fell 0.2% year-on-year in October, suggesting that the People’s Bank of China will likely maintain its accommodative monetary stance in the near future, giving more support to the US dollar.

“The ringgit is expected to remain soft, after experiencing steep appreciation on Monday,” he said.

At the close, the ringgit was traded lower versus a basket of major currencies.

It eased against the Japanese yen to 3.1050/1099 from 3.1045/1087 at yesterday’s close, decreased versus the euro to 5.0173/0248 from 4.9917/9981 and shrank against the British pound to 5.7695/7781 from 5.7321/7394.

The ringgit also turned lower against other Asian currencies.

It depreciated against the Singapore dollar to 3.4563/4617 from yesterday’s close of 3.4493/4540 and shrank against the Thai baht to 13.1802/2065 from 13.1453/1670.

It also declined against the Philippine peso to 8.39/8.41 from 8.35/8.37 yesterday and slipped vis-a-vis the Indonesian rupiah to 299.5/300.1 from 298.9/299.5. – Bernama, November 9, 2023.