Kuala lumpur: The ringgit continued its technical correction, closing lower against the US dollar today, as traders and investors cashed in amid uncertainty over the United States interest rate outlook. At 6 pm, the ringgit eased to 4.1605/1660 versus the greenback from yesterday's close of 4.1480/1515.

According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the correction seems appropriate given that technical indicators have flashed an overbought condition. He explained that this adjustment would align the ringgit with its appropriate value considering the prevailing economic conditions. Furthermore, Dr. Mohd Afzanizam highlighted the diminishing odds for an interest rate cut by the Federal Reserve in the December meeting, which have significantly decreased to around 42 percent from more than 90 percent in the previous month.

At the close, the ringgit traded mostly lower against a basket of major currencies. It inched up versus the yen to 2.6800/6838 from 2.6805/6829 at Monday's close but fell against the euro to 4.8216/8280 from 4.8125/8166 and slipped vis-a-vis the British pound to 5.4719/4791 from 5.4608/4654 previously.

Additionally, the ringgit faced a decline against ASEAN currencies. It weakened against the Thai baht to 12.8252/8481 from 12.7847/8018 at yesterday's close, depreciated versus the Singapore dollar to 3.1938/1982 from 3.1864/1893, eased vis-a-vis the Indonesian rupiah to 248.3/248.7 from 247.8/248.1, and shed against the Philippine peso at 7.05/7.06 from 7.04/7.05 previously.