: The ringgit retreated against the US dollar to open lower on Tuesday as the risk mood was dampened by cautious US Federal Reserve official’s comments.Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said as expected, Fed officials continue to air their restrictive bias as they are convinced with the current disinflationary trajectory.
“The ringgit could range RM4.6800 to RM4.6900 as some market participants might take some profit as technical indicators have shown signs of overbought condition to emerge,” he added. The ringgit was traded mostly lower against a basket of major currencies, except versus the Japanese yen, where it broke the 2.90 level.The ringgit, however, fell against the euro to 5.0944/0988 from 5.0921/0948 and slid vis-a-vis the British pound to 5.9613/9664 from 5.9518/9550.The local note traded mixed against Asean currencies, increasing vis-a-vis the Thai baht to 12.9550/9714 from 12.9987/13.0100 previously and was unchanged versus the Philippine peso at 8.09/8.11.
The ringgit slipped against the Indonesian rupiah to 293.5/293.9 from 293.1/293.5 and depreciated against the Singapore dollar to 3.4813/4845 from 3.4809/4831 at Monday’s close.
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