Selangor Journal

Ringgit continues to trade lower against US dollar

KUALA LUMPUR, June 22 — The ringgit weakened against the US dollar for the second consecutive day, as hawkish remarks by the Federal Open Market Committee (FOMC) last week lent some support for the greenback.

At 6pm, the local note eased to 4.1590/1620 versus the greenback from 4.1450/1480 at yesterday’s close.

ActivTrades trader Dyogenes Rodrigues Diniz said the ringgit’s downtrend that was now in place began in January 2020 and had not shown any significant retracement since.

“The market will be paying close attention to Malaysia’s Consumer Price Index, due later this week. A higher-than-expected reading is likely to be interpreted as inflation being on the horizon, and could prompt the view that there is room for an increase in interest rates in the short term,” he said.

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

It eased against the Singapore dollar to 3.0874/0901 from 3.0841/0868 at yesterday’s close and fell vis-a-vis the Japanese yen to 3.7658/7689 from 3.7641/7671.

The local note also weakened versus the British pound to 5.7681/7723 from 5.7495/7537 on Monday and fell against the euro to 4.9426/9461 from 4.9321/9357.

— Bernama

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