In fact, SPI Asset Management managing director Stephen Innes said, even if the ringgit improves a bit, “we expect to see buyers of US dollar on dips”.

He said the aborted mutiny in Russia has had a negative impact on risk sentiments while global investors are still spooked by monetary tightening policies in major economies.

For instance, in a surprise move, the Bank of England has just raised the interest rate by 50 basis points (bps).

Innes pointed out that the ringgit had underperformed against its Asean peers in the past month alongside the Chinese yuan.

“The joint-at-the-hip affinity reflects deep trade ties and that policymakers’ focus is often on the ringgit-Chinese yuan cross rate,” he told Bernama.

An aborted mutiny in Russia strengthened the US dollar as a safe haven currency. Even so, the ringgit managed to start the week higher than the greenback.

It began the day at 4.6725/4.6790 against the US dollar, up from last Friday’s close of 4.6760/4.6805 points.

In the meantime, the ringgit was traded mixed against a basket of major currencies.

It was easier versus the British pound at 5.9495/5.9578 from 5.9469/5.9527 at Friday’s close and was weaker vis-a-vis the euro at 5.0954/5.1024 from 5.0781/5.0830 last week, but rose against the Japanese yen to 3.2577/3.2627 from 3.2645/3.2680 previously.

The local note was also traded mixed against other Asean currencies.

The ringgit went down against the Singapore dollar to 3.4578/3.4628 versus 3.4568/3.4604 at last Friday’s close and declined against the Thai baht to 13.2877/13.3115 from 13.2765/13.2950 previously.

However, it had strengthened against the Philippine peso to 8.37/8.40 from 8.38/8.40 last week and rose versus the Indonesian rupiah to 311.4/312.1 from 311.7/312.2 previously.