KUALA LUMPUR (Aug 15): The ringgit ended on a bearish note on Monday (Aug 15) amid worries over China’s economic slowdown, after China cut interest rates unexpectedly on Monday, as the country reported weaker-than-expected industrial production and retail sales figures.

At 6pm, the local currency slid to 4.4570/4595 versus the greenback from Friday’s close of 4.4435/4455.

A trader said that the yuan, with which the ringgit has a strong correlation, was also under pressure after the People's Bank of China reduced its key policy rates for the first time since January, slashing the one-year medium-term lending facility by 10 basis points to 2.75%.

“It was also reported that China’s surveyed jobless rate for those aged between 16-24 jumped to 19.9% in July, from 19.3% in the previous month, a new record high.

“In addition, Covid-19 lockdown fears in China also continued to persist,’’ the trader told Bernama.

In the oil market, prices continued to decline following the Organisation of the Petroleum Exporting Countries (OPEC) move to lower its oil demand forecast for 2022.

Brent eased US$4.35 to US$93.80 per barrel and the West Texas Intermediate Crude dropped US$4.03 to US$88.06 per barrel.

Meanwhile, the ringgit was mostly higher against a basket of major currencies.

It increased against the Singapore dollar at 3.2379/2402 from 3.2406/2428 at Friday’s close, appreciated versus the British pound to 5.3796/3826 from 5.3975/3999, and rose against the euro at 4.5488/5514 from 4.5759/5780.

However, the local unit weakened vis-a-vis the Japanese yen at 3.3393/3415, from 3.3292/3310 previously.