Ringgit continues slide against dollar amid US inflation concerns

KUALA LUMPUR – The ringgit continued to weaken against the US dollar this morning as the market is concerned about United States inflation which would determine the Federal Reserve pivot. 

At 9.28am, the local note slipped to 4.4930/4980 against the greenback from yesterday’s close of 4.4850/4895. 

Bank Muamalat Malaysia Bhd head for economics, market analysis, and social finance Mohd Afzanizam Abdul Rashid said the US inflation rate is very much tilted on the upside.

Meanwhile, Bursa Malaysia continued to be under pressure as Wall Street closed on a weak note following the latest economic data showing weaker business confidence.

At 9.18am, the benchmark FTSE Bursa Malaysia KLCI fell 5.82 points to 1,448.37 from yesterday’s closing of 1,454.19. – Bernama, March 1, 2023