Ringgit retreats after three days of gains

 

KUALA LUMPUR: The ringgit closed lower today, snapping three consecutive days of gains on profit-taking after the local note touched the immediate support level of RM4.6611 against the US dollar.

Bank Muamalat Malaysia chief economist Afzanizam Rashid said the local note is struggling to maintain its appreciation bias after piercing the immediate support level.

“Profit-taking activities appear to seep in whenever it hit the immediate support level,” he told Bernama.

At 6pm, the ringgit fell to 4.6590/4.6635 against the greenback from yesterday’s close of 4.6495/4.6550.

At the close, the ringgit was traded mostly higher versus a basket of major currencies.

It appreciated further vis-a-vis the euro at 5.0918/5.0967 from 5.1014/5.1075 at yesterday’s close, was a tad higher against the British pound at 5.8941/5.8998 from yesterday’s 5.8951/5.9021.

But the local note eased against the Japanese yen to 3.1601/3.1634 from 3.1513/3.1553 previously.

The local note was traded higher against other Asean currencies, except against the Philippine peso.

It was marginally higher versus the Singapore dollar at 3.4883/3.4920 from yesterday’s 3.4909/3.4953, rose against the Thai baht to 13.2335/13.2546 from 13.3484/13.3722 and edged up against the Indonesian rupiah to 300.3/300.8 from 301.9/302.5 at yesterday’s close.

The ringgit was unchanged versus the Philippine peso at 8.39/8.41 since yesterday. - FMT