KUALA LUMPUR, April 1 — The ringgit retreated from its recent gains to close lower against the US dollar today as investors turned to safe-haven currencies due to the bearish global economic outlook, a dealer said.
At 6pm, the local currency weakened to 4.2110/2135 versus the greenback from 4.2025/2055 at Thursday’s close.
The dealer said that oil prices seesawed on Friday ahead of a meeting between nations to discuss a new release of emergency oil reserves alongside a substantial planned release by the United States.
Another dealer said that most Asian factories saw activities slowing down in March, as slumping Chinese demand and rising raw material costs due to the Ukraine crisis added pressure to firms already suffering from lingering supply chain disruptions.
Last month, China’s factory activities declined at the fastest pace in two years, as the domestic Covid-19 resurgence and the economic fallout from the Ukraine war triggered sharp falls in production and demand, he said.
Meanwhile, at the close, the ringgit was traded mixed against a basket of major currencies.
The local unit went down against the British pound to 5.5286/5319 from 5.5158/5197 on Thursday but strengthened versus the euro to 4.6557/6584 from 4.6698/6732 previously.
It slipped against the Singapore dollar to 3.1061/1082 from 3.1033/1060 yesterday but appreciated vis-a-vis the yen to 3.4376/4399 from 3.4472/4502 previously.
— Bernama
