KUALA LUMPUR: The ringgit retreated from last week's gain to open marginally lower against the US dollar on Tuesday on lack of buying interest.
At 9.30 am, the local currency decreased versus the greenback to 4.4335/4345 from Friday’s close of 4.4250/4270.
The market was closed yesterday for the replacement holiday of Hari Raya Aidiladha.
As market sentiment is expected to remain fragile amid the weakening global growth outlook due to a faster-than-expected major central banks’ interest rate hikes, Kenanga Research said pro-cyclical currencies
including ringgit may continue to trade in a volatile manner and depreciate against the US dollar.,
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"Hence, the local note is likely to hover around the 4.42-4.44 zone against the greenback as the
DXY is expected to remain elevated around the 107.0 level, if the US June CPI turns out to be higher than expected,” it said in a research note today.
Despite Bank Negara Malaysia’s back-to-back 25 basis points overnight policy rate hike and strong domestic retail sales reading, the ringgit last week weakened near the 4.43 level for the first time since March 2020 against the strengthening US dollar.
However, the ringgit was traded firmer against a basket of major currencies.
The local currency strengthened against the British pound to 5.2612/2624 from 5.2888/2912 on Friday and was higher vis-a-vis the Singapore dollar at 3.1495/1506 from 3.1528/1547 previously.
The ringgit also rose against the Japanese yen to 3.2302/2312 from 3.2577/2595 last week and increased versus the euro to 4.4397/4407 from 4.4777/4797. - Bernama