KUALA LUMPUR: The ringgit ended marginally higher in opposition to the buck at the moment after trading in a narrow range all through the day, mentioned an analyst.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid mentioned the US greenback/ringgit pair was as little as RM4.713 throughout the morning session however went as much as as excessive as RM4.716 throughout the afternoon session.
“US greenback versus the yen remained in the highlight because the Japanese forex weakened to 161.80 yen.
“The Japanese authorities revised its gross home product progress downwards from -1.8% to -2.9% in the primary quarter this 12 months, suggesting that the Bank of Japan might chorus from elevating its coverage charges quickly,” he instructed eNM.
In common, he mentioned, the prevailing situation nonetheless favours the US greenback and this week’s knowledge factors could be fairly vital to find out whether or not the Federal Reserve may resort to extra price cuts this 12 months.
At 6pm, the ringgit traded at 4.7120/4.7155 in opposition to the US greenback versus final Friday’s shut of 4.7160/4.7190.
Meanwhile, the ringgit was principally decrease in opposition to a basket of main currencies.
The native forex appreciated in opposition to the Japanese yen to 2.9254/2.9278 from 2.9345/2.9365 finally Friday’s shut however fell vis-a-vis the British pound to five.9706/5.9750 from 5.9639/5.9676 beforehand and decreased versus the euro to five.0682/5.0720 from 5.0494/5.0526 on the finish of final week.
On the opposite hand, the ringgit was principally higher in opposition to its Asean friends.
The ringgit rose in opposition to the Singapore greenback to three.4772/3.4801 from 3.4792/3.4816 at Friday’s shut, firmed versus the Thai baht to 12.8329/12.8481 from 12.8508/12.8646 beforehand, and strengthened in opposition to the Philippine peso to eight.03/8.04 from 8.05/8.06.
However, it fell versus the Indonesian rupiah to 288.7/289 from 287.9/288.3 beforehand.
