Local currency will remain under pressure as the market focuses on the Israel-Palestine conflict, says analyst.
KUALA LUMPUR: The ringgit retreated from last week’s gains to close lower against the US dollar today, as risk-averse sentiment prevailed, leading to increased demand for the US dollar.
However, he said the prolonged tension in the region is likely to drive up crude oil prices due to the proximity of major oil producers. He also expects the ringgit to remain under pressure in the near future as the markets closely monitor developments in the Israel-Palestine conflict.
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