Ringgit depreciates as investors await Budget 2022

KUALA LUMPUR: The ringgit continued to depreciate against the US dollar at the opening on Thursday, with investors waiting on the sidelines ahead of the Budget 2022 tabling tomorrow, said a dealer.

At 9.05 am, the local currency eased to 4.1540/1570 versus the greenback from 4.1530/1560 at yesterday's close.

The dealer said ringgit had been experiencing technical correction due to its overbought position.

"The fall in the benchmark Brent crude oil price to below US$85 per barrel also weighed on the local unit," he said.

At the time of writing, Brent crude oil slipped 1.24 per cent to US$83.53 per barrel.

At the opening, the local note was traded mixed against a basket of major currencies.

It depreciated against the Singapore dollar to 3.0779/0804 from 3.0763/0790 yesterday and fell against the euro to 4.8153/8188 from 4.8137/8172 previously.

However, it had appreciated versus the Japanese yen to 3.6512/6539 from 3.6542/6572 on Wednesday's close, and climbed against vis-a-vis the British pound to 5.7026/7067 from 5.7033/7074 previously. - Bernama
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