Ringgit closes lower against the US dollar for third day in a row

Ringgit closes lower against the US dollar for third day in a row

Traders avert the ringgit on lower appetite for risk.

The ringgit remains weak over concerns of a recession in the US.
KUALA LUMPUR:
The ringgit ended lower against the US dollar for the third consecutive day on the back of a strengthening greenback, said an analyst.

At 6pm, the local currency slipped to 4.4225/4.4260 against the greenback from yesterday’s close of 4.4185/4.4200.

Bank Islam Malaysia Bhd chief economist Afzanizam Abdul Rashid said the ringgit remained soft against the US dollar, hovering around the RM4.42 level.

“This occurs as risk-off sentiments continue to prevail which resulted in higher demand for the US dollar,” he said.

The local currency’s immediate resistance level is around the RM4.44 mark.

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

The local currency rose against the British pound to 5.2800/5.2842 from 5.3168/5.3186 at yesterday’s close and increased versus the euro to 4.5220/4.5256 from 4.5511/4.5526.

The ringgit, however, depreciated against the Japanese yen to 3.2682/3.2710 from 3.2530/3.2543 and was weaker vis-a-vis the Singapore dollar at 3.1504/3.1531 from 3.1486/3.1502 yesterday.

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