KUALA LUMPUR: The ringgit retreated to shut lower in opposition to the US greenback in the present day, snapping two consecutive days of positive factors on warning ahead of US inflation data.
The US Personal Consumption Expenditures (PCE) worth index will probably be out on Friday, which is able to additional present readability on the rate of interest outlook within the US.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid mentioned market gamers gave the impression to be taking shelter in opposition to the uncertainty ahead of the PCE data, with the native notice and different regional currencies typically weakening in opposition to the dollar.
“The weaker yen was additionally within the limelight because the Japanese finance ministry issued a warning of potential intervention within the foreign exchange market.
“This occurred regardless of the Bank of Japan’s resolution final week to finish the damaging rate of interest coverage, the yield curve management, and purchases of threat belongings. All in all, it looks as if risk-off mode in the intervening time,” he advised eNM.
Consequently, he mentioned the US Dollar Index gained 0.09% to 104.396 factors.
At 6pm, the ringgit slid to 4.7320/4.7370 in opposition to the dollar from yesterday’s shut of 4.7109/4.7220.
At the shut, the ringgit was traded weaker in opposition to a basket of main currencies.
It depreciated in opposition to the euro to five.1233/5.1287 from yesterday’s shut of 5.1225/5.1257 and in opposition to the British pound to five.9742/5.9805 from 5.9733/5.9771.
The ringgit was additionally lower vis-a-vis the Japanese yen at 3.1261/3.1298 from 3.1194/3.1216 yesterday.
The ringgit traded combined in opposition to Asean currencies.
It rose versus the Thai baht to 12.9925/13.0130 from 13.0021/13.0151 and was additionally larger vis-a-vis the Indonesian rupiah at 298.3/298.8 from 298.7/299.1.
The native unit was flat in opposition to the Singapore greenback at 3.5112/3.5151 from 3.5112/3.5137 and declined in opposition to the Philippine peso to eight.41/8.43 from 8.38/8.38.
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