KUALA LUMPUR, Feb 21 — 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.
As at 9.04am, the local unit weakened to 4.1870/1930 against the greenback from yesterday’s close of 4.1800/1840.
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.
“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 volatile with downtrend bias in coming week,” he said.
Compared to other major currencies; the local note also 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.
Vis-a-vis the euro, the local note retreated to 4.5169/5251 from 4.5140/5191 yesterday. — Bernama