At 6pm yesterday, the ringgit declined to 4.4725/4770 versus the greenback.
KUALA LUMPUR: The ringgit has retreated from its winning streak to close lower against the greenback today as the US Dollar Index rebounds.
At 6pm yesterday, the ringgit declined to 4.4725/4770 versus the greenback from the previous day’s close of 4.4240/4305.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that global financial markets have yet to calm as fears over the potential recession would continue to hog the limelight.
“There might be a tendency for US dollar demand to rise as traders seek refuge in the safe-haven currency.
“At the moment, the ringgit will move closer to the resistance level at 4.4960 as fears over a recession in the United States will result in higher demand for the greenback,” he said.
At the close, the ringgit traded mostly lower against a basket of major currencies, albeit moving higher against the Japanese yen to 3.0879/0914 from 3.1067/1117 at Monday’s close. — Bernama
