“The demand for safe haven is expected to increase further, putting emerging market currencies, especially the ringgit, under pressure,” she told Bernama. However, the central bank said that ringgit movements “will continue to be market-determined and the foreign exchange market continues to function and intermediate effectively”. For the week ended, the local currency also traded mostly higher against a basket of major currencies. It climbed against the British pound to 5.0957/0985 from 5.2214/2242 and strengthened versus the euro to 4.4686/4710 from 4.5317/5342 last week. The ringgit rose against the Singapore dollar at 3.2130/2152 from 3.2238/2261 but weakened against the Japanese yen to 3.2091/2113 from 3.1647/1666 a week earlier.

Source: The Edge Markets September 24, 2022 02:56 UTC