Ringgit Down After Budget Revision



KUALA LUMPUR, Jan 21 – The ringgit extended its losses against the US dollar on selling pressure amid concerns over the country’s economic growth, dealers said. At 9 am, the ringgit was quoted at 3.6220/6250 against 3.6060/6730 at 5pm yesterday. A dealer said the market was reacting to the adjustments in economic targets set by the government to cope with sliding oil prices.

He said analysts were in consensus that the adjustments would keep the ringgit within the range of between 3.60 and 3.70 for the coming quarter. The local note was mixed against other major currencies. 

It fell against the Singapore dollar to 2.7034/7060 from yesterday’s 2.6965/7005 and weakened against the yen to 3.0532/0570 from 3.0536/0574 yesterday. The ringgit firmed against the euro to 4.1852/4894 from 4.1783/1828 yesterday and strengthened against the British pound to 5.4852/4912 from 5.4256/5593.

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