THE ringgit slipped to its lowest point in recent memory against the US dollar at the opening today, breaching the 4.56 level due to the lower oil prices, coupled with the strengthening of the greenback, a dealer said.

At 9am, the local currency slid to 4.568 against the greenback from 4.5595 at yesterday’s close.

At press time, the benchmark Brent crude oil price fell 0.29% to US$90.36 per barrel.

ActivTrades trader Dyogenes Rodrigues Diniz said the US dollar remained bullish in anticipation of the interest rate decision by the Federal Open Market Committee in the US later today.

He said the market expectation is that the interest rate will be increased by 75 basis points to 3.25%.

“If this forecast proves to be correct, it is likely that the dollar will retract against the ringgit at first, as the market has already priced in this scenario.

“On the other hand, if the US Federal Reserve raises the interest rate more than expected to 3.5%, the dollar could continue its upward movement against the ringgit towards 4.6000,” he said.

Meanwhile, the ringgit was traded mixed against a basket of major currencies.

It fell against the Japanese yen to 3.1788 from 3.1734 at yesterday’s close and inched down versus the Singapore dollar to 3.2388 from 3.2353 previously.

However, the local note appreciated against the Sterling to 5.1838 from 5.2060 yesterday and rose vis-a-vis the euro to 4.5402 from 4.5618 previously. – Bernama, September 21, 2022.