The ringgit slipped further to a fresh 24-year low against the US dollar at the opening on Wednesday in line with most other regional currencies, as more investors shifted towards safe-haven assets.
According to Bernama, at 9.05am, the local currency slid to 4.5200/5220 against the greenback from 4.5070/5085 at yesterday's close.
The ringgit has not been this low since January 1998.
Compared to a year ago, the value of the ringgit was down 9 percent against the US dollar.
Most currencies in the South East Asia region have been depreciating against the US dollar of late after a series of aggressive interest rate hikes by the US central bank this year.
According to Reuters, most analysts polled expect the US central bank to raise rates further in an effort to slow down inflation.
Bank Negara has been responding in tandem by raising interest rates, thus increasing the cost of borrowing. = Mkini
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