KUALA LUMPUR: The ringgit retracted from yesterday’s good points to open lower towards the US greenback this morning, as investors proceed to seek shelter within the safe-haven forex, a seller stated.
At 9.20 am, the native forex fell to 4.3970/4005 towards the dollar from Tuesday’s shut of 4.3945/3980.
Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid stated the ringgit would proceed to linger on the present degree, whereas fears over an additional tightening by the United States (US) Federal Reserve (Fed) and the next influence on the economic system are anticipated to stay within the close to future.
“Meanwhile, the worldwide benchmark equities had been greater as investors are seeing values beginning to emerge as the riskier belongings had been overwhelmed down as a result of aggressive financial tightening by the Fed,” he advised Bernama.
Nonetheless, the ringgit was traded greater towards a basket of main currencies.
The native word appreciated towards the British pound to five.3894/3937 from Tuesday’s shut of 5.4035/4078, and rose versus the Singapore greenback to three.1706/1734 from 3.1738/1768 yesterday.
The ringgit additionally went up towards the euro to 4.6217/6254 from 4.6441/6478 and strengthened vis-a-vis the Japanese yen to three.2281/2309 from 3.2448/2477 beforehand. – Bernama
