KUALA LUMPUR, May 23 — The ringgit ended the day unchanged against the US dollar today, as market sentiment remained fragile due to the global interest rate environment.
At 6 pm, the local currency stood at 4.3870/3915 versus the greenback compared with Friday’s close of 4.3870/3910.
Observing from a technical standpoint, Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is in an oversold position and a slight correction is, therefore, likely.
“It is too early to say whether this trend can be sustained, especially in light of the hawkish monetary stance of the US Federal Reserve,” he told Bernama.
He added that the ringgit is expected to remain within a narrow range in the near future.
The ringgit was traded lower against a basket of major currencies.
It depreciated against the Singapore dollar to 3.1933/1968 from Friday’s 3.1845/1879, dropped vis-a-vis the euro to 4.6840/6888 from 4.6445/6488 previously, and declined versus the British pound to 5.5167/5223 from 5.4732/4782.
The local note also eased versus the Japanese yen to 3.4408/4446 from Friday’s 3.4236/4270.
— Bernama
