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 6pm, the local note fell further by 110 basis points to 4.7380/7395 versus the greenback from yesterday’s close of 4.7270/7290.
SPI Asset Management managing director Stephen Innes said that in line with Asia’s foreign exchange, the ringgit continued its freefall today after US Treasury 10-year yields moved through 4.25% for the first time since 2008.
Meanwhile, Bursa Malaysia ended the trading week marginally higher against a backdrop of weak regional markets.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI settled 8.70 points higher to an intraday high of 1,446.42 from yesterday’s close of 1,437.72.
The market bellwether opened easier by 2.33 points at 1,435.39 and reached an intraday low of 1,433.26, before picking up steam to close higher.
On the broader market, gainers outpaced losers 400 to 388, while 591 counters were unchanged, 983 untraded and 19 others suspended. – Bernama, October 21, 2022
