Ringgit sell-off continues for ninth straight day

ringgit sell off continues for ninth straight day

Sumary of Ringgit sell-off continues for ninth straight day:

  • Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the main factor still revolved around the US Federal Reserve’s decision on the tapering of asset purchases, which was likely to be accelerated, while a possible interest rate hike in 2022 could happen much earlier.
  • Domestically, Malaysia’s consumer price index rose to 2.9 per cent, higher than consensus projections.
  • In addition, the Department of Statistics Malaysia said key indicators showed a promising recovery momentum towards the fourth quarter of the year and into 2022. “Perhaps this positive development helped the ringgit reduce its losses slightly,” an analyst said.

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