KUALA LUMPUR, June 23 — The ringgit fell further versus the US dollar on Wednesday, hitting its lowest level in seven months following a negative evaluation of the country’s outlook by rating agency S&P.
At 6pm, the local note eased to 4.1600/1640 versus the greenback from 4.1590/1620 at yesterday’s close.
S&P report released yesterday affirmed Malaysia’s foreign currency and local currency long-term issuer ratings at A- and A, respectively, with a negative outlook.
Citing the report, Bloomberg said the evaluation was based on the heightened risk to the fiscal and economic recovery due to pandemic and uncertainties in the country.
At the close, the ringgit was traded mostly lower against a basket of major currencies, except against the yen.
It eased further against the Singapore dollar to 3.0929/0964 from 3.0874/0901 at yesterday’s close, weakened versus the British pound to 5.8078/8134 from 5.7681/7723 on Tuesday, and fell against the euro to 4.9670/9718 from 4.9426/946.
However, it rebounded vis-a-vis the Japanese yen to 3.7488/7527 from 3.7658/7689 previously.