KUALA LUMPUR: The ringgit reversed the previous day’s gains to close lower against the greenback today due to lower Industrial Production Index (IPI) data and a technical correction after appreciating over the last three trading days, said an analyst.
At 6 pm, the ringgit slid to 4.6675/6725 against the greenback from Monday’s close of 4.6340/6400.
According to the Department of Statistics Malaysia (DoSM), Malaysia’s IPI, which consists of three sectors, namely, mining, manufacturing and electricity, slipped by 0.5 per cent year-on-year (y-o-y) in September 2023.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said today’s IPI showed that the Malaysian economy is susceptible to the external environment.
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