Investors’ weak appetite for risks puts more pressure on ringgit
KUALA LUMPUR: The ringgit continued to decline against the US dollar but made marginal gains over other major currencies today. The slide against the greenback has been attributed to a lower appetite for risky assets among investors, a dealer told Bernama. At 9am, the local currency slipped to 4.4550/4.4570 versus…
KUALA LUMPUR: The ringgit continued to decline against the US dollar but made marginal gains over other major currencies today.
The slide against the greenback has been attributed to a lower appetite for risky assets among investors, a dealer told Bernama.
At 9am, the local currency slipped to 4.4550/4.4570 versus the greenback from yesterday’s close of 4.4500/4.4540.
SPI Asset Management managing partner Stephen Innes said the local currency opened a touch weaker as investors prepared to navigate the gauntlet of risks in Europe today, including the European Central Bank’s rate hike, the geopolitical tension in Italy and the uncertainty over the restart of the offshore natural gas pipeline, Nord Stream 1.
“As a result, global markets remain unstable, which (has a negative) impact on market sentiment. Also, the US currency strengthened due to increasing yields as the market anticipates that the Federal Reserve will raise interest rates by 75 basis points next week,” he said.
On the other hand, the local currency inched up against the Singapore dollar to 3.1972/3.1989 from 3.1978/3.2009 yesterday and appreciated versus the British pound to 5.3309/5.3332 from 5.3498/5.3546 previously.
It also went up versus the Japanese yen to 3.2173/3.2190 from 3.2202/3.2233 yesterday and rose vis-a-vis the euro to 4.5379/4.5399 from 4.5586/4.5627. — Free Malaysia Today