Ringgit slips to new all-time low vs US $ at opening


  • Forex
  • Wednesday, 21 Sep 2022

KUALA LUMPUR: The ringgit slipped to a fresh all-time low against the US dollar at the opening on Wednesday, breaching the 4.5600 level due to the lower oil prices, coupled with the strengthening of the greenback, a dealer said.

At 9 am, the local currency slid to 4.5640/5680 against the greenback from 4.5585/5595 at yesterday’s close.

At press time, the benchmark Brent crude oil price fell 0.29 per cent to US$90.36 per barrel.

ActivTrades trader, Dyogenes Rodrigues Diniz said the US dollar remained bullish in anticipation of the interest rate decision by the Federal Open Market Committee (FOMC) in the United States (US) later today.

He said the market expectation is that the interest rate will be increased by 75 basis points (bps) to 3.25 per cent a year.

"If this forecast proves to be correct, it is likely that the dollar will retract against the ringgit at first, as the market has already priced in this scenario.

"On the other hand, if the US Federal Reserve raises the interest rate more than expected to 3.5 per cent per year, the dollar could continue its upward movement against the ringgit towards the 4.6000-level," he told Bernama.

Meanwhile, the ringgit was traded mixed against a basket of major currencies.

It fell against the Japanese yen to 3.1758/1788 from 3.1725/1734 at yesterday’s close and inched down versus the Singapore dollar to 3.2357/2388 from 3.2341/2353 previously.

However, the local note appreciated against the British pound to 5.1893/1938 from 5.2049/2060 on Tuesday and rose vis-a-vis the euro to 4.5462/5502 from 4.5608/5618 previously. - Bernama

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Ringgit , US dollar , FOMC , ActivTrades , Interest rate , Fed

   

Next In Business News

Ringgit ends higher against US dollar
Genting Malaysia's unit to buy entire Series F stock of Empire for US$100mil
AME REIT plans to acquire industrial properties in Johor for RM69.3mil
MRCB bags contract for car park operations at Menara Shell, Platinum Sentral
Bursa Malaysia ends lower
Bursa Malaysia CEO takes over as chairperson of CEO Action Network
No merger of AirAsia's aviation business - Tony Fernandes
G7 price cap on Russian oil kicks in, Russia will only sell at market price
Cagamas concludes issuance of RM1.09bil bonds, sukuk
Bursa Malaysia aims for 300 PLCs to participate in transformation programme by 2025

Others Also Read