Friday 29 Mar 2024
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KUALA LUMPUR (June 15): The ringgit appreciated against the pound sterling as investors evaluated the economic impact of the UK's possible European Union exit, which is popularly known as Brexit. The UK's Brexit referendum will be undertaken this June 23.

At 10:43am today, the ringgit strengthened to 5.8010 against the pound. The exchange rate so far today was between 5.7471 and 5.8118.

The ringgit had strengthened against the pound to current levels from 6.0299 on May 31 this year.

Today, FXTM research analyst Lukman Otunuga wrote in a note that Brexit and slowing global economic growth concerns "weighed heavily on investor sentiment".

"The GBPUSD remains on a wild roller coaster ride with prices trading towards fresh two-month lows at 1.4115 as bearish investors exploit the uncertainty which has diminished investor attraction towards the currency," Otunuga said.

Reuters reported that the British pound struggled near its two-month low against the dollar touched on Tuesday.

Concerns about Brexit dwarfed any optimism from solid US retail sales data published on Tuesday.

 

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