Ringgit Weakened to Its Nadir in 28 Months

Malaysian Ringgit has dropped to its 28-month low against the US dollar today, the last time Malaysian Ringgit was traded at USD0.23 was in April 2020.

According to analysts, the strengthening of US dollar is anticipated with the technical perspective, as the US dollar index has surpassed 103 points.

Meanwhile, Malaysian ringgit is anticipated to struggle given the backdrop today as market players continue to place high priority over major central banks’ actions. However, the only silver lining is the local unit could be cushioned by higher energy prices. It is expected to weaken as the US dollar rose to fresh three-week highs, above 103 points, and is expected to retest the year-to-date high at 105.005.

With the European Central Bank (ECB) had clearly expressed its intention to raise benchmark interest and to begin reducing its asset purchases programme in July to combat soaring inflation.

Ringgit slightly strengthened against the Singapore dollar to 3.1834/1864 from 3.1939/1956.

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