Ringgit continues downtrend to close lower against dollar
The ringgit continues its downtrend this week, closing lower against the US dollar today as market sentiment remains weak amid no fresh leads. – The Malaysian Insight file pic, February 27, 2023.
At 6pm, the local note depreciated to 4.4755/4805 versus the greenback compared to last Friday’s closing rate of 4.4335/4370. Besides that, he said, recent comments by Federal Reserve Bank of Cleveland leader Loretta Mester on the need to hike interest rates due to higher inflation data also put pressure on the ringgit.
“Recently, the US inflation data, including the Consumer Price Index, Producer Price Index and Personal Consumption Expenditures, rose above expectations,” he told Bernama.
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