As investors remain jittery about global economic developments, the local currency, Malaysian Ringgit extended the losing streak to trade lower against the greenback in the early session on Tuesday.
At 9.37am, the Malaysian Ringgit was traded at 4.3050/3100 against the US dollar as compared to last Friday’s close at 4.2565/2610.
More investors shifted towards safe haven currencies on expectations that the US Federal Reserve will raise interest rates further in the near future, according to analysts.
The resilient US jobs market may suggest that interest rates will likely to stay higher for a longer period, as central banks fight to slow inflation amid relatively strong economic growth.
Meanwhile, the local currency appreciated against a basket of major currencies.
It appreciated against the pound to 5.1845/1905 from 5.2125/2180.
Also was traded higher versus the euro at 4.6223/6276 from 4.6519/6568.
It gained vis-a-vis the yen to 3.2522/2563 from 3.3106/3147.
Ringgit was slightly higher against the Singapore dollar to 3.2459/2499 from vis-a-vis last Friday’s close at 3.2475/2514.
