THE ringgit traded slightly lower against the US dollar in the early session today amid escalating market uncertainties.

At 9am, the local note inched down to 4.4270/4310 versus the greenback compared to 4.4250/4305 on Friday.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the International Monetary Fund (IMF) has indicated that the risks of financial instability have increased. 

“The investing community is still confounded by the conflicting signals from the authorities. 

“Consequently, the market uncertainties have become elevated and therefore, I am not surprised if the risk-off mode prevails this week,” he told Bernama. 

Afzanizam expected the ringgit to move in a tight range of between RM4.42 and RM4.43 today.

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

The local note fell vis-a-vis the euro to 4.7635/7678 from 4.7476/7535 on Friday and depreciated against the British pound to 5.4142/4191 from 5.4034/4101.

However, it rose against the Japanese yen to 3.3848/3881 from 3.4099/4144 last week.

The ringgit traded mixed against Asean currencies. 

It declined against the Indonesian rupiah to 292.1/292.5 from 291.90/292.50 on Friday and slipped against the Singapore dollar to 3.3218/3253  from 3.3178/3225.

It strengthened against the Thai baht to 12.9252/9421 from 12.9610/9835 and improved vis-a-vis the Philippine peso to 8.14/8.15 from 8.15/8.16. – Bernama, March 27, 2023.