Ringgit Snaps Winning Streak To End Lower Against US Dollar

By Anas Abu Hassan

KUALA LUMPUR, Aug 6 (Bernama) -- The ringgit retreated from its winning streak to close lower against the greenback today as the US Dollar Index (DXY) rebounds.

At 6 pm, the ringgit declined to 4.4725/4770 versus the greenback from yesterday's close of 4.4240/4305.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid opined that global financial markets have yet to calm as fears over the potential recession would continue to hog the limelight.

"There might be a tendency for US dollar demand to rise as traders seek refuge in the safe-haven currency.

"At the moment, the ringgit will move closer to the resistance level at 4.4960 as fears over a recession in the US will result in higher demand for the greenback," he told Bernama.

At the close, the ringgit traded mostly lower against a basket of major currencies, albeit moving higher against the Japanese yen to 3.0879/0914 from 3.1067/1117 at Monday's close.

It depreciated against the British pound to 5.6837/6894 from 5.6379/6462 and weakened vis-a-vis the euro to 4.8799/8849 from 4.8434/8505 previously.

Similarly, the local note also traded lower against ASEAN peers.

It slipped against the Singapore dollar to 3.3694/3730 from 3.3485/3536 yesterday and ended lower against the Thai baht at 12.5848/6024 from 12.5528/5791 previously.

The ringgit fell against the Indonesian rupiah to 276.6/277.1 from 273.2/273.7 on Monday and decreased against the Philippine peso to 7.73/7.75 from 7.64/7.66.

-- BERNAMA