Kuala lumpur: The ringgit snapped four consecutive days of gains to close slightly lower against the US dollar on Wednesday as some traders took profit. At 6 pm, the ringgit inched down to 4.0855/0940 against the greenback, from 4.0835/0875 at yesterday's close.

According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd chief economist, Dr Mohd Afzanizam Abdul Rashid, noted that despite the marginal decline against the US dollar, the ringgit continued to gain against other currencies. He highlighted the ringgit's appreciation against the Singapore dollar at the day's close and mentioned the upcoming US consumer price index (CPI) data set to be released tomorrow as a critical data point.

Dr Mohd Afzanizam pointed out that the ringgit reached 4.0795 in the early morning session against the US dollar, marking its strongest level in nearly five years. This performance came as traders and investors processed the mixed signals from the US labour market data released overnight.

At the close, the ringgit showed strength against a basket of major currencies. It gained against the British pound, rising to 5.4439/4553 from 5.4760/4813 at yesterday's close, improved against the Japanese yen to 2.6267/6321 from 2.6372/6400, and edged up against the euro to 4.7866/7965 from 4.8014/8061.

In contrast, the local currency traded mostly lower against its ASEAN peers. It appreciated against the Singapore dollar to 3.1614/1682 from 3.1657/1691 but weakened versus the Thai baht to 12.9657/9989 from 12.9532/9721. Additionally, it edged down against the Indonesian rupiah to 244.7/245.3 from 244.6/245.0 and dipped against the Philippine peso to 6.96/6.97 from 6.95/6.96 previously.