THE ringgit extended last week’s losses early today to trade lower against the US dollar as investors remain cautious, analysts said.

At 9.37 am, the ringgit was trading at 4.3050/3100 against the greenback compared to Friday’s close of 4.2565/2610. 

An analyst said more investors shifted towards safe haven currencies on expectation the US Federal Reserve will raise interest rates higher in the near future.

He said the latest data showing a resilient US jobs market suggested interest rates will stay higher for a longer period as central banks fight to slow inflation amid relatively strong economic growth.

Meanwhile, the ringgit traded mostly higher against a basket of major currencies.

The local note was slightly higher against the Singapore dollar at 3.2459/2499 from Friday’s close of 3.2475/2514 and gained vis-a-vis the Japanese yen to 3.2522/2563 from 3.3106/3147.  

It appreciated against the British pound to 5.1845/1905 from 5.2125/2180 and was higher versus the euro at 4.6223/6276 from 4.6519/6568.  – Bernama, February 7, 2023.