KUALA LUMPUR: The ringgit continued its downtrend today, as the US dollar strengthened on the back of positive economic growth data and a steady Federal Open Market Committee’s (FOMC) minutes.
An analyst said besides the stronger greenback, the ringgit is expected to trade weaker clouded by uncertainties about the power transition issue as well as the ongoing COVID-19 outbreak.
As at 9.04am, the local unit weakened to 4.1870/1930 against the greenback from yesterday’s close of 4.1800/1840.
“Due to weaker external demand, the favourites for ringgit has declined. Without a strong local economic support to attract investors, the ringgit is expected to trade in a volaotile with downtrend bias in coming week,” he said.
Compared to other major currencies; the local note als traded mostly lower.
It slid against the Singapore dollar to 2.9888/9941 from 2.9849/9894 at yesterday’s close, increased slightly against the pound to 5.3924/4018 from 5.3926/3990, but declined against the yen to 3.7361/7421 from 3.7328/7367. – Feb 21, 2020, Bernama
