KUALA LUMPUR – The ringgit closed lower today, snapping three consecutive days of gains on profit-taking after the local note touched the immediate support level of RM4.6611 against the US dollar.
At 6pm, the ringgit fell to 4.6590/6635 against the greenback from yesterday’s close of 4.6495/6550.
Bank Muamalat Malaysia chief economist Mohd Afzanizam Abdul Rashid said the local note is struggling to maintain its appreciation bias after piercing the immediate support level.
“Profit-taking activities appear to seep in whenever it hits the immediate support level,” he told Bernama.
At the close, the ringgit was traded mostly higher versus a basket of major currencies.
It appreciated further vis-a-vis the euro at 5.0918/0967 from 5.1014/1075 on yesterday’s close, and was slightly higher against the British pound at 5.8941/8998 from yesterday’s 5.8951/9021.
But the local note eased against the Japanese yen to 3.1601/1634 from 3.1513/1553 previously.
The local note was traded higher against other Asean currencies, except against the Philippine peso.
It was marginally higher versus the Singapore dollar at 3.4883/4920 from yesterday’s 3.4909/4953, rose against the Thai baht to 13.2335/2546 from 13.3484/3722 and edged up against the Indonesian rupiah to 300.3/300.8 from 301.9/302.5 at yesterday’s close.
The ringgit was unchanged versus the Philippine peso at 8.39/8.41 since yesterday. – November 30, 2023