KUALA LUMPUR, March 1 — The ringgit extended yesterday’s losses to trade lower against the US dollar in the early session today, as more investors shifted towards the safe haven currencies due to renewed global economic uncertainties, a dealer said.
At 9am, the ringgit fell to 4.0700/0740 against the greenback compared with Thursday’s close of 4.0650/0680.
The dealer said investors were concerned on the stronger US economic data released recently may raise expectations that the US Federal Reserve is ready to consider hiking the rates this year.
The ringgit however traded higher against other major currencies.
It rose against the Japanese yen to 3.6489/6528 from 3.6688/6718 on Thursday and appreciated against the Singapore dollar to 3.0101/0142 from 3.0140/0167.
The local note went up versus the euro to 4.6280/6342 from 4.6304/6343 and strengthened versus the British pound to 5.3960/4029 from 5.4065/4108 yesterday. — Bernama
Source: The Malay Mail Online