Ringgit extends loss against US dollar at opening

: The ringgit extended its loss against the in opening lower today on subdued demand and amid mounting geopolitical tensions, dealers said.

At 9 am, the local unit stood at 4.1660/1700 versus the greenback from 4.1655/1675 on Wednesday.

A dealer said risk appetite continued to retreat, alongside an extended sell-off in foreign exchange markets.

Meanwhile, OANDA Head of Trading Asia- Stephen Innes said regional sentiment also remained cautious about ’s slow economic growth, keeping the local equity sentiment sulky.

“The US dollar is expected to continue its rally against the ringgit and will test 4.18 levels in the not-too-distant future, perhaps even sooner, if oil prices continue to slide,” said Innes.

However, against other major currencies, the ringgit traded mostly higher.

The local currency improved against the dollar to 3.0164/0204 from 3.0194/0215 on Wednesday, but vis-a-vis the Japanese yen, fell to 3.7210/7255 from 3.6977/7012.

The ringgit rose against the British pound to 5.3691/3755 from 5.3831/3865 and appreciated against the euro to 4.7517/7567 from 4.7549/7589. — Bernama

Source: The Sun Daily

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