The Malaysian ringgit weakened against the U.S. dollar in the Asian session on Monday, as investor sentiment subdued on the increased prospects of a hike in U.S. interest rate after strong jobs growth data from the U.S.
Against the greenback, the ringgit fell to a 6-year low of 3.6910 from an early high of 3.6765. At Friday’s close, the ringgit was trading at 3.6825 against the greenback.
If the ringgit extends its downtrend, it is likely to find support around the 3.71 area.
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This can be an extremely strong trading technique which needs hours of trading at the end of the afternoon once the NY Session ends.
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