Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid opined that global financial markets have yet to calm as fears over the potential recession would continue to hog the limelight.
“There might be a tendency for US dollar demand to rise as traders seek refuge in the safe-haven currency.
he told Bernama.At the moment, the ringgit will move closer to the resistance level at 4.4960 as fears over a recession in the US will result in higher demand for the greenback,
At 6pm, the ringgit declined to 4.4725/4.4770 versus the greenback from yesterday’s close of 4.4240/4.4305.
The local currency traded mostly lower against a basket of major currencies, albeit moving higher against the Japanese yen to 3.0879/3.0914 from 3.1067/3.1117 at yesterday’s close.
It depreciated against the British pound to 5.6837/5.6894 from 5.6379/5.6462 and weakened vis-a-vis the euro to 4.8799/4.8849 from 4.8434/4.8505 previously.
Similarly, the local note also traded lower against Asean peers.
It slipped against the Singapore dollar to 3.3694/3.3730 from 3.3485/3.3536 yesterday and ended lower against the Thai baht at 12.5848/12.6024 from 12.5528/12.5791 previously.
The ringgit fell against the Indonesian rupiah to 276.6/277.1 from 273.2/273.7 yesterday and decreased against the Philippine peso to 7.73/7.75 from 7.64/7.66. - FMT
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