Ringgit ends lower against US dollar, higher against major peers
Rising Brent crude prices add to inflationary pressures as markets await the Federal Open Market Committee and Bank of Japan rate decisions, says analyst.
KUALA LUMPUR: The Malaysian ringgit ended the day slightly lower against the US dollar but higher against other major and regional currencies, according to an analyst. This shift in value was attributed to rising Brent crude oil prices, with markets keeping a close eye on the upcoming Federal Open Market Committee (FOMC) and Bank of Japan (BOJ) meetings.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid noted that Brent crude prices were currently around US$107 (RM435.30) per barrel, contributing to inflationary pressures that could solidify the rate hike thesis in the coming week. The ringgit closed at 4.0735/4.0770 against the greenback, a decline from last Friday's closing rate of 4.0685/4.0725.
It strengthened against the euro, yen, and British pound, as well as against the Singapore dollar and Thai baht, while also gaining against the Indonesian rupiah and Philippine peso.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 3 other outlets
- Ringgit ends lower against US dollar, higher against major peers freemalaysiatoday.com
- Ringgit gains against most major, Asean currencies despite weaker US dollar malaymail.com
- Ringgit ends higher against most major, Asean currencies nst.com.my
