At 9 am, the local currency edged down to 4.7310/7350 against the greenback from Monday's close of 4.7260/7300.
"Some analysts point to the possibility of a slower pace of interest rate hikes, which could cause the US dollar to fall against its counterparts," he said, noting that Malaysia's interest rate decision is scheduled for Thursday. The global benchmark Brent crude futures dropped 0.98 per cent to US$94.83 per barrel, while the US West Texas Intermediate crude fell 1.6 per cent to US$86.53 per barrel.said the increase in political risk after the dissolution of parliament on Oct 10, 2022, has pushed the ringgit to depreciate below the 4.70 level for the first time in more than 24 years.
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