Ringgit shrinks against US dollar
Technical indicators show the ringgit is in an overbought position and will likely remain weak versus the US dollar today. – The Malaysian Insight file pic, April 18, 2023.
At 9.18am, the local note was pegged at 4.4350/4380 versus the greenback from yesterday’s close of 4.4200/4250. “The current resistance level is located at RM4.4236, and the US dollar/ringgit might linger within such a level,” he told Bernama. “Similarly, the US dollar gauge, the US Dollar Index , went up by 0.54% to 102.103 points. Such trends resonate with talk from several Fed officials who continue to suggest a restrictive monetary stance is here to stay,” he said.It eased slightly against the Japanese yen to 3.2974/3001 from 3.2968/3008 at the close yesterday, advanced to 4.8448/8481 from 4.8532/8587 vis-a-vis the euro, and dropped against the British pound to 5.4861/4898 from 5.4808/4870 yesterday.
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