Ringgit ends lower v dollar
The ringgit closes lower against the greenback as investors remain cautious on the US debt ceiling vote later today. – The Malaysian Insight file pic, May 31, 2023.
Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid said the main issue is still the same, the US debt ceiling, and given that some Republican congressmen are not agreeable to the current deal, the risk of a delay in the decision-making is something that markets cannot completely rule out.
Afzanizam said following this issue, foreign exchange market participants have become defensive, leading to higher demand for the US dollar.
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