Ringgit retreats after three days of gains

Bank Muamalat's Mohd Afzanizam said the ringgit is struggling to maintain its appreciation bias.

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

At 6pm, 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.

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