It ended the day’s trading session at 4.5585/4.5595 against the greenback, down from 4.5495/4.5515 at yesterday’s close.

An analyst said the situation was further exacerbated by the growing anticipation of an aggressive interest rate hike by the US Federal Reserve tomorrow.

Oanda Europe senior market analyst Craig Erlam said central banks, including the Bank of England, the Swiss National Bank and the South African Reserve Bank, have been lining up this week to deliver huge rate hikes as the desperate fight against inflation continues.

“The Bank of Japan will also meet on Thursday but the topic of conversation will likely be how to generate sustainable inflation and the spiralling yen,” he said in a note.

At the time of writing, the oil benchmark Brent crude price had dropped 0.16% to US$91.85 per barrel.

The ringgit was traded lower against a basket of major currencies.

It depreciated against the British pound to 5.2049/5.2060 from 5.1678/5.1700 at yesterday’s close and shrank versus the Singapore dollar to 3.2341/3.2353 from 3.2261/3.2278 previously.

The local note also fell against the euro to 4.5608/4.5618 from 4.5372/4.5392 yesterday and slipped against the Japanese yen to 3.1725/3.1734 from 3.1706/3.1724 yesterday.