Business · Malaysia Bureau
Ringgit weakens against major currencies as dollar strengthens
The Malaysian ringgit declined against the US dollar and other major currencies on Tuesday as global investors adopted a more cautious stance in foreign exchange markets. The greenback's momentum weighed on regional currencies including the ringgit.
LSN Malaysia ·
KUALA LUMPUR — The ringgit closed lower against the US dollar on Tuesday, extending recent weakness as market participants maintained a defensive posture ahead of key economic data releases. The Malaysian currency also slipped against the euro, Japanese yen and British pound, reflecting broader strength in the US dollar across Asian markets.
Investor caution in currency markets has been driven by expectations of continued monetary policy divergence between the Federal Reserve and other central banks. The strengthening greenback has pressured emerging market currencies, with the ringgit among those registering declines in the regional session.
Market analysts attributed the ringgit's softness to the confluence of factors supporting the US dollar, including elevated US interest rates and safe-haven demand. The currency weakness reflects broader trends affecting emerging market assets as global risk sentiment remains tempered.
The ringgit's performance against major currencies underscores the ongoing sensitivity of regional currencies to shifts in international monetary conditions and investor risk appetite. Market participants are expected to remain cautious in coming sessions pending fresh economic indicators from major economies.