KUALA LUMPUR, Sept 2 — The ringgit continued its downward momentum to close lower against the US dollar today ahead of the release of the US jobs data later in the day.

At 6 pm, the local currency fell to 4.4855/4870 against the greenback from Thursday's close of 4.4820/4840.

ActivTrades trader Anderson Alves said if the report is stronger than expected, the US dollar could keep breaking its 20-year highs against major currencies on the back of safe haven trade.

"However on the macro front, recent data showed global growth is clearly slowing and the risk of outright recession is rising as high inflation prints are cutting investment and consumer spending,” he told Bernama.

However, the ringgit’s decline was cushioned by the Malaysian Investment Development Authority (MIDA) statement that the country had attracted RM123.3 billion (US$28.0 billion) worth of approved investments in the manufacturing, services, and primary sectors involving 1,714 projects from January to June 2022.

MIDA said foreign direct investments (FDIs) remained the major contributor - at 70.9 per cent, or RM87.4 billion (US$19.9 billion) - while investments from domestic sources contributed 29.1 per cent amounting to RM35.9 billion (US$8.2 billion).

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

The local unit appreciated against the Singapore dollar to 3.1996/2009 from Thursday's close of 3.2028/2047 and rose against the British pound to 5.1888/1906 from 5.1964/1987.

It gained against the Japanese yen to 3.1950/1963 from 3.2205/2222 previously and advanced against the euro to 4.4873/4888 from 4.4923/4943 on Thursday. — Bernama