KUALA LUMPUR, Feb 28 — The ringgit continued its downtrend against the US dollar to close lower today as investors flocked to safe-haven assets amid worries over the global interest rate outlook.
At 6 pm, the local note depreciated to 4.4850/4895 versus the greenback compared to Monday’s closing rate of 4.4755/4805.
SPI Asset Management managing director Stephen Innes said the local note continued to struggle in the face of a hawkish US Federal Reserve (Fed) narrative as markets anticipate higher Fed funds rates. — Bernama