Business

Ringgit traded lower amid worries over US Federal Reserve

December 18, 2013

The ringgit was traded lower against the US dollar today amid worries that the US Federal Reserve may reduce its stimulus programme.

At 9.05am, the ringgit was quoted at 3.2530/2570 from 3.2455/2485 at yesterday's close.

A dealer said the ringgit weakened against the US dollar ahead of the last scheduled Federal Open Market Committee (FOMC) meeting for the year, and expects trading to be slow.

"Investors are mostly on the sidelines, awaiting for the conclusion of the FOMC meeting. The meeting will give an indication of when it will begin tapering its stimulus measures," he said.

Meanwhile, the ringgit also declined against the Singapore dollar to 2.5871/5913 from 2.5824/5849 and slipped versus the yen to 3.1632/1677 from 3.1534/1566 yesterday.

The local note appreciated against the British pound to 5.2936/3011 from 5.2996/3058 yesterday but weakened against the Euro to 4.4774/4836 from 4.4694/4742. - Bernama, December 18, 2013.

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