Malaysia: The ringgit extended losses to open lower against the US dollar today, as more investors shifted interest towards safe-haven currencies and after new US Federal Reserve Chair, Jerome Powel, hinted at further interest rate hikes this year, dealers said.
At 9.15 am, the local note was quoted at 3.9250/9280 versus the greenback from 3.9060/9100 on Tuesday.
The ringgit, meanwhile, traded mostly lower against a basket of major currencies.
It depreciated against the Singapore dollar to 2.9629/9663 from Tuesday’s 2.9613/9646, slipped against the British pound to 5.4585/4631 from 5.4500/4560 and declined against the yen to 3.6597/6628 from 3.6488/6539.
It, however, appreciated against the euro to 4.8022/8075 from 4.8161/8222.
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