The local currency opens lower today after its sizeable rally over the last three days.
KUALA LUMPUR: The ringgit opened lower against the US dollar today due to technical correction after its sizeable rally over the last three days, said an analyst.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the two-year and 10-year US Treasuries saw a rebound last night, respectively rising by 10 and eight basis points to close at 4.94% and 4.65%, while the US Dollar Index was up by 0.25% to 105.281 points. “Perhaps there could be some correction today following a sharp appreciation yesterday. The current support and resistance levels for the US dollar/ringgit are located at RM4.5578 and RM4.6611.At 9.05am, the ringgit depreciated to 4.6550/4.6600 versus the greenback from Monday’s closing rate of 4.6340/4.6400.
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