Ringgit breaks five-day winning streak to end lower against US dollar

For the week just-ended, the ringgit was traded mixed against the US dollar amid concern over the possible interest rate hike by central banks around the world to curb rising inflation. — AFP pic

For the week just-ended, the ringgit was traded mixed against the US dollar amid concern over the possible interest rate hike by central banks around the world to curb rising inflation. — AFP pic

Wednesday, 22 Jun 2022 6:39 PM MYT

KUALA LUMPUR, June 22 — The ringgit snapped a five-day winning streak to close lower today due to profit taking, said an analyst.

At 6pm, the local currency slipped against the greenback to 4.4050/4065 from yesterday’s close of 4.3945/3980.

The analyst said the ringgit would continue to see volatility against its US counterpart as growing fears of a recession make market participants defensive, leading to a higher demand for safe-haven currencies.

“In addition, the falling oil prices on worries that demand for the commodity will take a hit from a possible recession, also weighed on the ringgit’s performance today,” he said.

At the time of writing, benchmark Brent crude oil stood at US$109.8 per barrel.

However, the ringgit was traded higher against a basket of major currencies.

The local note appreciated against the British pound to 5.3966/3984 from yesterday’s close of 5.4035/4078 and strengthened versus the Singapore dollar to 3.1707/1722 from 3.1738/1768 previously.

It also rose against the euro to 4.6332/6348 from 4.6441/6478 yesterday and gained vis-a-vis the Japanese yen to 3.2392/2408 from 3.2448/2477. — Bernama