Worrying! Ringgit closed low up to 4.66

<p>&nbsp;Yesterday, the Malaysian Ringgit (RM) recorded a decline after a three-day trading increase after the announcement of the Malaysian Production Index (IPP) data following technical correction.</p><p><br /></p><p>At 6pm, the ringgit was seen dropping to 4.6675/6725 compared to Monday at 4.6340/6400.</p><p><br /></p><p>According to SPI Managing Director, the market stopped for a moment after a significant movement and predicted short -term direction especially after the Fed and US Bond Auctions.</p><p><br /></p><p>Thus, the USD is seen showing higher trade value compared to the ringgit after a huge increase for the last three days.</p><p><br /></p><p><br /></p><p>The three major sectors of Malaysia, mining, manufacturing and electricity, were seen dropping by 0.5% last September based on the information of the Department of Statistics Malaysia (IPP).</p><p><br /></p><p>Bank Muamalat Malaysia chief economy, Dr Mohd Afzanizam, said the IPP figure showed that the Malaysian economy was exposed to the external environment.</p><p><br /></p><p>He added that the central bank is expected to maintain an accommodative stance to support growth.</p><p><br /></p><p>According to the US Employment Data Report (NFP) on Friday, Dr Afzanizam considers it a common thing to look at some technical corrections to local units.</p>