Ringgit slips towards strengthening dollar

KUALA LUMPUR: The ringgit opened decrease towards the US greenback in the present day, because the dollar continued to strengthen amid uncertainties over vitality safety in Europe, an analyst stated.

At 9.00 am, the native foreign money was buying and selling at 4.2320/2370 towards the dollar from 4.2220/2255 at Wednesday’s shut.

Financial institution Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid stated the priority arose after Russia sought cost in its foreign money for settlement of gasoline transactions.

“This has created additional uncertainties over vitality safety in Europe that has been closely reliant on Russia for its gasoline enter. The announcement has led a pointy appreciation of Russian rubles,” he instructed Bernama in the present day.

Mohd Afzanizam stated such uncertainties have additionally resulted in additional appreciation of the US greenback, with the US Greenback Index (DXY) rising 0.13 per cent to 98.623 factors.

“In consequence, the ringgit is predicted to stay weak as buyers can be unsure as to how the gasoline transactions in Europe might be accomplished, and what does it imply to vitality safety in that area,” he stated.

As such, Mohd Afzanizam stated the ringgit might keep weak round RM4.22 to RM4.23 in the present day.

On the opening, the ringgit was traded principally decrease towards a basket of main currencies.

The native unit fell towards the Singapore greenback to three.1173/1212 from 3.1094/1122 on Wednesday and slipped towards the British pound to five.5862/5928 from 5.5849/5895.

The ringgit additionally eased vis-a-vis the yen to three.4987/5031 from Wednesday’s shut of three.4893/4924 and depreciated versus the euro to 4.6565/6620 from 4.6446/6485. – Bernama


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