KUALA LUMPUR- The ringgit continued its decline in early trade today, testing the 4.38 level per US dollar for the first time since the Asian financial crisis 17 years ago. At 9.30am, the ringgit was quoted 0.62 per cent lower at 4.3720/3810 against the greenback from 4.3450/3480 at 5pm on Wednesday.

The market was closed yesterday for the Hari Raya Haji holiday Dealers said the local note was currently under pressure from lack of domestic leads and weaker crude oil prices which had dented global risk appetite. "The anticipation of the Federal Reserve interest rate increase, further devaluation of China's yuan over a sustained worries about China's economy contributed to the ringgit selling. "It could be thinly traded today as many players are extending their holiday over the weekend, or shot up just above the 4.38 level to trigger some stop-loss orders," he said. The ringgit was traded lower against a basket of major currencies except the pound sterling. It fell further against the Singapore dollar to 3.0698/0787 from 3.0549/0575 on Wednesday, and was traded lower against the yen at 3.6336/6417 from 3.6151/6185 previously. The local note eased against the euro to 4.8844/8949 from 4.8299/8341 on Wednesday. It, however, rose against the pound sterling to 6.6546/6709 from 6.6622/6690 previously. - BERNAMA