It had touched slightly above the 4.5200 level this morning, which was also a fresh 24-year low against the greenback.
"But we must keep in mind that the currency is over-extended to the downside and prone to a bullish correction,” he told Bernama. Bank Islam Malaysia Bhd chief economist Firdaos Rosli noted that the ringgit would remain under pressure against the US dollar as the interest rate gap widens, while the US federal funds rate would be higher than the overnight policy rate by next week.
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