KUALA LUMPUR: The ringgit continued its downtrend as we speak to finish lower in opposition to the greenback on account of continued constructive sentiment for the US greenback, which was bolstered by sturdy US retail gross sales knowledge in March amid issues over the Middle East pressure, mentioned an analyst.
The US retail gross sales rose 0.7% in March to US$709.6 billion (RM 3,400.79 billion) after February’s improve was revised to 0.9%.
Meanwhile, Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid mentioned the sturdy US retail gross sales knowledge counsel that the anticipation of the US charge minimize by the Federal Reserve has diminished.
“This actually has led to larger demand for the US greenback which noticed the US Dollar Index (DXY) rise 0.16% to 106.373 factors,” he instructed eNM.
He additionally famous that issues over the Middle East tensions would exert stress on rising market currencies as demand for safe-haven currencies such because the US greenback is larger.
“A mix of sturdy US financial knowledge and market-moving occasions are the important thing components driving the forex market in the intervening time,” he added.
At 6pm, the ringgit fell to 4.7945/4.7970 in opposition to the US greenback from yesterday’s closing of 4.7785/4.7815.
At the shut, the ringgit was traded principally lower in opposition to a basket of main currencies.
It shed in opposition to the euro to five.0966/5.0992 from 5.0915/5.0947 at yesterday’s shut, weakened versus the British pound to five.9701/5.9732 from 5.9660/5.9697 however was higher vis-a-vis the Japanese yen to three.1020/3.1038 from 3.1053/3.1075 yesterday.
However, the ringgit was traded combined in opposition to Asean currencies.
It was lower versus the Thai baht at 13.0858/13.0983 in contrast with 13.0148/13.0286 at yesterday’s shut, depreciated in opposition to the Singapore greenback to three.5135/3.5156 from 3.5123/3.5148 yesterday, however was flat versus the Philippine peso at 8.41/8.42 and stronger vis-a-vis the Indonesian rupiah to 296.3/296.6 from 301.4/301.8 beforehand.
