KUALA LUMPUR: The ringgit continues its downward trend against the US dollar as cautious investors are waiting for the gross domestic product (GDP) data to be released tomorrow, dealers said.
According to BERNAMA, at 9 am today, the ringgit was lower against the greenback at 4.1715/1745 compared to 4.1690/1720 at the close of yesterday.
A dealer said there are still sectors that are expected to thrive despite the slowdown like manufacturing, despite the expected weakened data, so the data could lift the sentiment of investors.
On the oil front, he said crude oil prices are expected to stabilize from US$ 70 to US$ 75 per barrel, as global energy investments were steady at over US$ 1.8 trillion in 2018, ending three years of declines.
Brent Crude’s benchmark was at US$ 71.04 per barrel at 9 am. Meanwhile, the ringgit traded on other major currencies mostly higher.
The local note traded slightly higher against the Singapore dollar at 3.0460/0484 from 3.0466/0499 on closing Tuesday but depreciated to 3.8061/8099 from 3.8018/8048 against the Japanese yen.
The local currency strengthened from 5.3955/4011 against the British pound to 5.3858/3901 and yesterday rose from 4.6843/6885 against the euro to 4.6733/6771 against the euro.