Ringgit Plunges Again! Closed Low Against the US Dollar


 This morning, the ringgit fell against the US Dollar for the third day following a decline against the local unit.

At 6 pm yesterday, the RM was seen to shrink to 4.6895 and it continued into this morning by reaching a value of 4.7180.

According to Bank Muamalat Bhd's head of economics and Social Finance, Dr Afzanizam said the consumer price index fell 0.2% year-on-year and October data showed the People's Bank of China will maintain its accommodative monetary stance in the near term which will further give more advantages to the US Dollar.

He also said that the ringgit is expected to continue to weaken after they recorded an increase last Monday.

Other ASEAN countries showed changes in depreciation such as Singapore which was 3.4493/4540 to 3.4563/4617 and Thai Baht from 12.1453/1670 to 13.1802/2065.