Ringgit continues downtrend after hawkish tone from Fed chairperson

The ringgit extended its downtrend to close lower today against the greenback for the fourth consecutive day following US Federal Reserve (Fed) chairperson Jerome Powell’s hawkish tone in his statement on US monetary policy on Thursday.

At 6pm, the ringgit slid to 4.7065/7105 against the greenback from Thursday’s close of 4.6895/6965.

The ringgit has now...