KUALA LUMPUR: The ringgit ended almost flat towards the US greenback immediately as buyers continued to favour the dollar amid geopolitical woes within the Middle East, an economist mentioned.
SPI Asset Management managing associate Stephen Innes mentioned ongoing uncertainties referring to the Middle East battle are seen supporting the dollar, with broader escalation to drive extra demand for the safe-haven foreign money.
“Risk sentiment seems tentatively to be taking maintain, however this might swiftly change as buyers are nonetheless grappling with the advanced dynamics of the Middle East disaster and its potential repercussions on the worldwide economic system,” he advised eNM.
Meanwhile, Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid mentioned {that a} attainable high-risk go to by US President Joe Biden to Israel may very well be the principle focus of the market in mild of the depth of the navy battle within the area.
“This might immediate the demand for the safe-haven foreign money to proceed to stay effectively supported,” he added.
At 6pm, the native foreign money stood at 4.7345/4.7375 towards the dollar from yesterday’s shut of 4.7340/4.7380.
Meanwhile, the ringgit traded principally decrease versus a basket of main currencies.
It depreciated vis-à-vis the British pound to five.7595/5.7632 from 5.7494/5.7543 at yesterday’s shut and weakened versus the euro to 4.9973/5.0004 from 4.9858/4.9901 beforehand, however improved towards the yen to three.1629/3.1651 from 3.1668/3.1697 yesterday.
Similarly, the native foreign money was traded principally decrease towards different Asean currencies.
The ringgit strengthened towards the Thai baht to 13.0180/13.0319 from 13.0392/13.0549 at yesterday’s shut and was little modified towards the Indonesian rupiah at 301.2/301.5 from 301.0/301.5 beforehand.
It slipped towards the Singapore greenback to three.4566/3.4590 from 3.4560/3.4592 yesterday and inched down vis-a-vis the Philippine peso to eight.34/8.35 versus 8.33/8.34.
