Ringgit continues decline, hits new 24-year low at 4.60 against greenback

KUALA LUMPUR – The ringgit continued its downtrend against the US dollar in today’s closing as reduced investor risk appetite pushed the ringgit to a new 24-year low.

Bernama reports that at 6pm, the local currency depreciated to 4.6030/6045 against the greenback from 4.5775/5800 at last Friday’s closing.

This morning, the currency opened at 4.5910/5950 against the dollar.

At 10.39am, it continued its decline at  4.5960/5980 against the greenback, dragged down by market volatility that was triggered by the recent steep US interest rate increase and the expectation of more hikes to come, according to a dealer. – The Vibes, September 26, 2022