If the US Fed maintains its hawkish stance tonight, it could absolutely favour the greenback, says analyst.
KUALA LUMPUR: The ringgit ended simpler towards the dollar at the moment whereas market individuals awaited the Federal Open Market Committee (FOMC) assembly final result tonight, stated an analyst.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid stated the ringgit’s efficiency versus the US greenback was weaker in tandem with regional currencies.
“The US client worth index print, which met expectations based mostly on year-on-year comparability, seems to recommend that the Federal Reserve (Fed) could be inclined to keep up its hawkish stance when deliberating on the Federal Funds Rate tonight,” he advised eNM.
It would undoubtedly be dollar-positive ought to the Fed keep its hawkish stance tonight, he stated.
At 6pm, the ringgit fell to 4.7035/4.7085 towards the US greenback from yesterday’s shut of 4.6830/4.6855.
The native foreign money was weaker towards a basket of main currencies.
It slipped towards the British pound to five.8916/5.8979 from 5.8842/5.8873 at yesterday’s shut, depreciated vis-a-vis the euro to five.0737/5.0791 from 5.0548/5.0575 yesterday, and weakened towards the Japanese yen to three.2249/3.2285 from 3.2212/3.2232 beforehand.
The ringgit was traded lower towards just a few Asean currencies though it appreciated towards the Philippine peso to eight.39/8.40 from yesterday’s closing price of 8.42/8.43.
It declined towards the Indonesian rupiah to 300.2/300.8 from 299.7/300.1 at yesterday’s shut, edged down versus the Singapore greenback to three.5001/3.5041 from 3.4898/3.4920 beforehand, and dropped towards the Thai baht to 13.1390/13.1592 from 13.1261/13.1390.
