Ringgit slumps to lowest since Dec 2018


  • Forex
  • Thursday, 18 Apr 2019

KUALA LUMPUR: The ringgit fell to a low of 4.1460 against the US dollar on Thursday, the lowest since December 2018.

At 3.20pm, the local unit was down 0.28% against the greenback at 4.1460.

The resistance levels are 4.1502 followed by 4.1627. The support levels are 4.1298 and 4.1252.

Bloomberg reported the ringgit could face even more pressure after the currency breached multiple support levels as it heads for its worst month since early 2018. 

The ringgit is on a collision course with the 4.15 per US dollar level that helped reverse losses in January, but breaking that support could see the currency retest its 12-month low from November.

Bloomberg reported investors are worried over the potential exclusion of the nation’s bonds from the FTSE World Government Bond Index, and funds have also been selling the nation’s stocks. 
 

Forex