The ringgit continued its decline against the US dollar since Tuesday due to high demand for the US dollar in the foreign exchange market.
At exactly 10.30am, the ringgit fell to 4.7120 against the USD from its close of 4.7019 yesterday.
Bank Muamalat Malaysia Bhd's Chief Economist, Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) and US Treasury yields rose higher for the time being to reflect the continuation of policy tightening by the Federal Reserve (US) on monetary policy.
DXY broke through 105 points after staying around 104 points for the past few days. The 10-year US Treasury note yielded six basis points higher to 4.61%.
He also said that the ringgit will continue to remain weak because the demand for the US dollar is still high.
However, the ringgit traded higher against a group of major currencies except the Japanese yen.
The local unit appreciated against the euro to 5.0903/0946 from 5.1032/1065 at Wednesday's close and rose against the British pound to 5.9847/9898 from 6.0010/0049 yesterday.
It was slightly lower against the Japanese yen to 2.9957/9987 from Wednesday's close of 2.9923/9944.
The ringgit performed mostly lower than its Asean peers.
It strengthened against the Thai baht to 12.7729/7886 from 12.7938/8068 at Wednesday's close. It eased against the Indonesian rupiah to 291.7/292.1 from 290.9/291.3 and fell against the Philippine peso to 8.05/8.06 from 8.04/8.05.
It was also weak against the Singapore dollar to 3.4854/4886 from 3.4850/4875 yesterday.
