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Ringgit Failed To Arrest Its Continuing Decline

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KUALA LUMPUR – The ringgit failed to arrest its continuing decline against the US dollar at the opening today, a dealer said.

At 9.06am, the local unit was quoted at 4.3200/3260 against the US dollar from yesterday’s close of 4.2940/2980.

A dealer said sentiment remained unsteady, as players still placed odds of a US Federal Reserve rate increase this year on the table.

He said the greenback appreciated on the revived expectations that the US central bank could still raise interest rates this year.

The local note was traded mixed against other major currencies this morning.

The ringgit was lower against the Singapore dollar at 3.0448/0499 from yesterday’s close of 3.0331/0364 and firmed against the euro to 4.8000/8083 from 4.8080/8133 yesterday.

It was higher against the British pound at 6.6299/6408 from yesterday’s close of 6.6463/6550 and softened against the yen at 3.5919/5975 from 3.5801/5850 yesterday. — BERNAMA

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