Ringgit retreats after three days of gains

KUALA LUMPUR: The ringgit closed lower on Thursday, snapping three consecutive days of gains on profit-taking after the local note touched the immediate support level of RM4.6611 against the US dollar.

At 6 pm, the ringgit fell to 4.6590/6635 against the greenback from Wednesday’s close of 4.6495/6550

Bank Muamalat Malaysia chief economist Mohd Afzanizam Abdul Rashid said the local note is struggling to maintain its appreciation bias after piercing the immediate support level.

"Profit-taking activities appear to seep in whenever it hit the immediate support level,” he told Bernama.

At the close, the ringgit was traded mostly higher versus a basket of major currencies.

It appreciated further vis-a-vis the euro at 5.0918/0967 from 5.1014/1075 on Wednesday’s close, was a tad higher against the British pound at 5.8941/8998 from Wednesday’s 5.8951/9021.

But the local note eased against the Japanese yen to 3.1601/1634 from 3.1513/1553 previously.

The local note was traded higher against other Asean currencies, except against the Philippine peso.

It was marginally higher versus the Singapore dollar at 3.4883/4920 from yesterday’s 3.4909/4953, rose against the Thai baht to 13.2335/2546 from 13.3484/3722 and edged up against the Indonesian rupiah to 300.3/300.8 from 301.9/302.5 at yesterday’s close.

The ringgit was unchanged versus the Philippine peso at 8.39/8.41 since yesterday. - Bernama

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