KUALA LUMPUR: The ringgit ended marginally lower in opposition to the US greenback at the moment as total market sentiments stay centered on the buck, with hawkish remarks from Federal Reserve (Fed) officers persevering with to offer robust help to the US greenback.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid mentioned the US greenback to Malaysian ringgit alternate charge reached RM4.7225 within the morning session earlier than settling at round RM4.7183 within the afternoon.
“Meanwhile, the US Dollar Index (DXY) dropped to 105.932 factors after briefly surpassing 106 factors final evening,” he mentioned.
Afzanizam famous that the US dollar-yen alternate charge grabbed headlines because it exceeded 160 yen, pushed by the expectation that the Fed will keep its hawkish stance.
“This anticipation is fuelled by the upcoming launch of the Personal Consumption Expenditures (PCE) worth index, the Fed’s most popular measure of inflation, tomorrow,” he instructed eNM.
At 6pm, the ringgit traded at 4.7160/4.7190 in opposition to the buck, in comparison with yesterday’s shut of 4.7140/4.7185.
Meanwhile, the ringgit closed largely larger in opposition to a basket of main currencies.
The ringgit appreciated in opposition to the Japanese yen to 2.9383/2.9404 from 2.9459/2.9489 and picked up in opposition to the British pound to five.9643/5.9681 from 5.9722/5.9779.
Meanwhile, it slipped in opposition to the euro to five.0452/5.0484 from 5.0383/5.0431.
The ringgit was additionally largely lower in comparison with its Asean friends.
The native word eased in opposition to the Singapore greenback to three.4761/3.4788 from 3.4746/3.4782, receded in opposition to the Indonesian rupiah to 287.4/287.7 from 287.1/287.6 and lowered in opposition to the Philippine peso to eight.03/8.04 from 8.01/8.02.
The ringgit rose vis-à-vis the Thai baht to 12.7874/12.8015 from 12.8007/12.8185.
