KUALA LUMPUR, March 24 — The ringgit extended its losses against the US dollar for the third consecutive day today as cautious sentiment over the prospect of global growth curbed risk appetite in the market, a dealer said.
At 6pm, the ringgit closed at 4.1290/1320 versus the greenback compared with 4.1200/1250 yesterday.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said sentiment in the market was relatively weak, largely influenced by the external factors.
“The ringgit declined on anticipation of a slower economic growth amid fresh lockdowns in Europe combined with a potential tax hike in the US, which curbed risk appetite and raised oversupply fears,” he told Bernama.
Adam said the update on the sanctions imposed by Canada, the US, the United Kingdom, and European Union towards China, following its senior officials involvement in the mass internment of Uighur Muslims in Xinjiang province, would be closely watched by market players.
The development on this matter would influence the greenback movement, hence, provides direction for the local currency, he added.
Meanwhile, the ringgit was traded mixed against a basket of major currencies.
It depreciated marginally against the Singapore dollar to 3.0690/0719 from 3.0673/0717 on Tuesday and weakened versus the Japanese yen to 3.8006/8037 from 3.7909/7966.
The local unit, however, rose vis-a-vis the British pound to 5.6687/6741 from 5.6749/6834 and strengthened against the euro to 4.8858/8910 from 4.8983/8059.
— Bernama
