Ringgit continues its downtrend

Other currencies are also struggling against the US dollar

THE ringgit extended its downtrend against the US dollar at the close today, along with other regional currencies, as the US Federal Reserve (Fed) pledged to continue with its aggressive monetary policy to fight inflation.

At 6pm, the local currency slipped to 4.6285/6310 against the greenback from yesterday’s close of 4.6100/6120.

“Not just ringgit is falling down, but other currencies are also struggling against the greenback and trading at multi-decade lows due to the Fed’s aggressive rate hikes while other nations are still lagging behind (in hiking interest rates),” an analyst said.

Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.

It went up further vis-a-vis the euro to 4.4184/4208 from 4.4321/4340 at yesterday’s close, appreciated against the British pound to 4.9409/9436 from 4.9770/9791, and rose versus the Singapore dollar to 3.1954/1975 from 3.2099/2117.

The local note, however, depreciated against the Japanese yen to 3.1974/1993 from 3.1925/1941 previously. — BERNAMA / TMRpic