At 6pm, the ringgit stood at 4.1860/1900 versus the greenback compared with Friday’s close of 4.1920/1960.

Chief Market Strategist at FXTM Hussein Sayed said there was clear evidence that the global economy was slowing down, leading investors to rotate to defensive sectors, and this is well needed to bring stock valuations to realistic levels.

“On Thursday, investors will get to know whether the US Federal Reserve (Fed) is concerned about falling asset prices when they release the minutes of November’s meeting.

“If the minutes does not show the Fed is concerned yet, markets could further gauge the Fed’s level of concern on plummeting asset prices as many voting members of the Federal Open Market Committee are due to speak this week including Fed Chair Jay Powell,” he said in a statement today.

Against a basket of emerging currencies, the ringgit was traded higher.

It rose marginally against the Singapore dollar to 3.0484/0530 from 3.0489/0530 and increased versus the euro to 4.7603/7665 from 4.7680/7730.

Meanwhile, vis-a-vis the yen, it strengthened to 3.6969/7008 from 3.7150/7189 on Friday and appreciated to 5.3727/3791 from 5.3855/3927 when compared with the British pound.