KUALA LUMPUR: The ringgit extended its losses when it opened lower against the US dollar today amid weaker market sentiment on the local currency, an economist said.
At 9 am, the local note slipped to 4.6325/6385 against the greenback from 4.6265/6350 at yesterday’s close.
Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid said the ringgit also weakened against the British pound and euro following a hawkish stand at the Bank of England and the European Central Bank.
“The external environment looks increasingly wobbly as major central banks remain adamant in their resolve to lower inflation.
“On that note, USD/MYR is expected to linger around 4.62 in light of weak market sentiments,” he said.
Meanwhile, the ringgit was traded lower against a basket of major currencies.
It depreciated versus the British pound to 5.9296/9373 from 5.9242/9351 on Monday, fell against the Japanese yen to 3.2598/2643 from 3.2588/2650 and weakened vis-a-vis the euro to 5.0582/0648 from 5.0470/0563 previously.
Similarly, the local note traded lower against other Asean currencies.
The ringgit declined against the Thai baht to 13.3152/3378 from yesterday’s 13.2926/3236 and went down against the Singapore dollar to 3.4540/4590 against 3.4490/4556.
It was lower versus the Indonesian rupiah at 308.9/309.4 from 308.5/309.2 and dropped against the Philippine peso to 8.31/8.33 from 8.30/8.32. – Bernama