Ringgit ends lower against US dollar

KUALA LUMPUR: The ringgit closed lower against the US dollar today on lack of demand in line with most emerging Asian currencies, dealers said.
At 6pm, the ringgit was quoted at 4.1260/1320 against the greenback from 4.1100/1170 on Friday.
A dealer said the local note probably extended its last week's losses against the greenback on continued technical correction after its recent gains.
"Buying was seen on the US dollars where the recent oversold position had offered good bargains, but with the probability of a rise in US interest rates in December seen as unlikely, the US dollar could succumb to profit-taking, or turn weaker later this week," he said.
Meanwhile, crude oil held steady today as the Organisation of the Petroleum Exporting Countries' (OPEC) gathered in Algeria for a meeting this week.
"Oil prices may rebound on OPEC's talk and deal on output to stabilise the market and a firmer crude oil may reduce the ringgit's weaknesses," he said.
Against other major currencies, the ringgit was also traded lower, except with the British pound.
It declined against the Singapore dollar to 3.0298/0347 from Friday's 3.0256/0319 and eased against the Yen to 4.1047/1110 from 4.0721/0795 last week.
The local unit rose against the British pound to 5.3349/3452 from 5.3475/3587 last Friday. It went down a against the Euro to 4.6368/6452 from 4.6085/6168 last week. — Bernama