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Ringgit ends lower against US dollar for fourth consecutive day

KUALA LUMPUR (BERNAMA) – United States Federal Reserve (US Fed) chair Jerome Powell’s testimony before the House Financial Services Committee on combating US inflation and hints at raising interest rates has caused the ringgit to close lower against the US dollar today, marking its fourth consecutive day of decline.

At 6pm, the local note ended at 4.6525/6580 against the greenback compared with 4.6430/6470 on Wednesday.

Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid said emerging currencies, including the ringgit, are being negatively affected as interest rates in the developed countries have been rising at a rapid pace after more than a decade of monetary stimulus.

“At the moment, the ringgit is at an oversold position against the US dollar from a technical standpoint.

“Perhaps, further downside risks could be somewhat limited. The current resistance and support level for the US dollar-ringgit is located at MYR4.7495 and MYR4.6257,” he told Bernama.