KUALA LUMPUR: The ringgit further weakened against the US dollar today, closing the week at a new all-time low of 4.738 due to the absence of fresh market catalyst, analysts said.
At 6 pm, the local note further fell by 110 basis points to 4.7380/7395 versus the greenback from Thursday’s close of 4.7270/7290.
SPI Asset Management managing director Stephen Innes said that in line with Asia’s foreign exchange (FX), the ringgit continued its freefall today after US Treasury 10-year yields moved through 4.25 per cent for the first time since 2008.
He said the move was triggered by the hawkish US Federal Reserve (Fed) officials who were reigniting fears of stricter monetary tightening that could potentially trigger a worldwide recession.
"But there is no respite from local concerns as worries about China’s rigid pandemic rules continued to weigh on regional currency markets amid additional lockdowns,” he told Bernama.
Reports said China’s capital, Beijing, has tightened measures to curb COVID-19, strengthening public checks and locking down some residential compounds after a quadrupling of its cases in recent weeks.
On the local front, an analyst said that with the hawkish Fed stance, Bank Negara Malaysia is expected to implement another Overnight Policy Rate (OPR) increase with the aim to stabilise the depreciating ringgit and attract investments into the country.
"While food inflation is taking a toll due to the weakening ringgit, consumer power is expected to be re-balanced with the increase in fixed deposit and investment dividend.,
,game bài bkat（www.vng.app）：game bài bkat（www.vng.app） cổng Chơi tài xỉu uy tín nhất việt nam。game bài bkat（www.vng.app）game tài Xỉu game bài bkat online công bằng nhất，game bài bkat（www.vng.app）cổng game không thể dự đoán can thiệp，mở thưởng bằng blockchain ,đảm bảo kết quả công bằng.
"However, as Malaysia is now on the 15th General Election (GE15) mode, investors are likely to take a wait-and-see approach to see what policies would be implemented thereon,” according to an analyst.
The Election Commission on Oct 20 has set the polling day for GE15 on Nov 19.
It also announced that nomination day for candidates would be on Nov 5 and early voting on Nov 15.
Besides that, caretaker Prime Minister Datuk Seri Ismail Sabri Yaakob had on Oct 17 announced that Malaysia’s national budget for 2023 would be tabled again before the end of this year.
Meanwhile, the ringgit traded higher against a basket of major currencies from Thursday’s closing.
The local currency rose against the euro to 4.6139/6153 from 4.6244/6264 and went up vis-a-vis the British pound to 5.2677/2694 from 5.2971/2993 at the close yesterday.
It improved against the Singapore dollar to 3.3144/3157 from 3.3172/3188 previously and versus the Japanese yen, it gained to 3.1384/1396 from 3.1547/1565 on Thursday’s closing. - Bernam
telegram怎么搜索群聊（www.tel8.vip）是一个Telegram群组分享平台，telegram怎么搜索群聊包括telegram怎么搜索群聊解决方案、telegram群组索引、Telegram群组导航、新加坡telegram群组、telegram中文群组、telegram群组（其他）、Telegram 美国 群组、telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容。telegram怎么搜索群聊为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。