The Malaysian ringgit weakened against the U.S. dollar in the Asian session on Friday.
On the economic front, data from the Department of Statistics showed that Malaysia’s consumer price inflation eased at a faster-than-expected pace in February. The consumer price index rose only 0.1 percent year-over-year in February, slower than January’s 1.0 percent climb. Economists had forecast a 0.2 percent increase for the month.
On a monthly basis, consumer prices dropped 0.6 percent in February.
Against the greenback, the ringgit fell to a 6-year low of 3.7302. At yesterday’s close, the ringgit was trading at 3.7040.
If the ringgit extends its downtrend, it is likely to find support around the 3.76 area.
The material has been provided by InstaForex Company – www.instaforex.com