KUALA LUMPUR: The ringgit snapped a five-day winning streak to shut lower right now due to revenue taking, mentioned an analyst.
At 6 pm, the native foreign money slipped against the buck to 4.4050/4065 from Tuesday’s shut of 4.3945/3980.
The analyst mentioned the ringgit would proceed to see volatility against its US counterpart as rising fears of a recession make market contributors defensive, main to the next demand for safe-haven currencies.
“In addition, the falling oil costs on worries that demand for the commodity will take successful from a doable recession, additionally weighed on the ringgit’s efficiency right now,” he mentioned.
At the time of writing, benchmark Brent crude oil stood at US$109.8 per barrel.
However, the ringgit was traded larger against a basket of main currencies.
The native observe appreciated against the British pound to 5.3966/3984 from Tuesday’s shut of 5.4035/4078 and strengthened versus the Singapore dollar to 3.1707/1722 from 3.1738/1768 beforehand.
It additionally rose against the euro to 4.6332/6348 from 4.6441/6478 yesterday and gained vis-a-vis the Japanese yen to 3.2392/2408 from 3.2448/2477. – Bernama
