KUALA LUMPUR, Oct 3 — The ringgit continued its downtrend against the US dollar for the second consecutive day of the week as traders were focused, awaiting the announcement of a new US Federal Reserves chair, to replace Janet Yellen, which will benefit currency traders.
At 9am, the local traded at 4.2390/2420 against the greenback from 4.2320/2350 recorded at 6pm yesterday.
FXTM Chief Market Strategist Hussein Sayed said speculation around the new Fed Chair appointment will keep fixed-income traders busy in the days to come, and currency traders will benefit from the moves in yields.
“However, this speculation should end, when the President announces the name of his nominee in two to three weeks,” he added.
The ringgit was traded mixed against other major currencies.
It rose against the Singapore dollar to 3.1037/1061 from 3.1058/1085 on Monday and improved against the British pound to 5.6150/6207 from 5.6290/6347.
The local note weakened against the yen to 3.7533/7566 from Monday’s 3.7488/7518 and fell against the euro to 4.9643/9691 from 4.9637/9689 yesterday. — Bernama