The Malaysian ringgit weakened against the U.S. dollar in the Asian session on Monday.
Data from the Department of Statistics showed that Malaysia’s domestic producer price index dropped 2.6 percent year-over-year in October, following a 5.1 percent decrease in September. In August, prices had fallen 5.4 percent. On a monthly basis, producer prices rose 1.7 percent in October, much faster than the 0.1 percent slight increase in the preceding month. It was the second successive monthly climb.
Against the greenback, the ringgit fell to a 6-day low of 4.2800 from an early high of 4.2640. At Friday’s close, the ringgit was trading at 4.2600 against the greenback.
If the ringgit extends its downtrend, it is likely to find support around the 4.40 area.
The material has been provided by InstaForex Company – www.instaforex.com