Ringgit trades lower against US dollar

KUALA LUMPUR – The ringgit was traded lower today, taking the cue from the deteriorating global sentiment amid the recession risk in the US and the energy crisis in Europe.

At 10.22am, the local currency fell to 4.4555/4580 versus the greenback from Monday’s close of 4.4520/4550.

SPI Asset Management managing partner Stephen Innes said weaker sentiment is expected to dominate this week’s trading especially with the US Federal Reserves in the blackout period.

“There will be no guidance from the Fed, which will influence the currency trading. Apart from that, the rise in the subvariant COVID-19 cases in Asia is a worry especially in China given its zero-Covid policy and it hurts other currencies tied to the yuan, including the ringgit,” he said.

Innes said other factors such as the European Central Bank meeting and the Europe energy crisis would further dampen risk appetite. – Bernama / pic Muhd Amin Naharul