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 closed today lower against the US dollar but higher against major and Asean currencies, amid rising crude oil prices and anticipation of key monetary policy meetings, according to an analyst. Analyst Afzanizam Rashid from Bank Muamalat Malaysia Bhd noted that Brent crude oil prices have hovered around US$107 (RM435.30) per barrel, contributing to inflationary pressures.
Rashid further explained that an inflationary bias could solidify the rate hike thesis this week, leading Asian currencies, including the ringgit, to remain cautious in the short term. By 6pm, the ringgit depreciated to 4.0735/4.0770 against the US dollar, down from last Friday's close of 4.0685/4.0725. Despite the decline against the US dollar, the ringgit strengthened against the euro, yen, and British pound, as well as against several Asean currencies such as the Singapore dollar, Thai baht, 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 ends higher against most major, Asean currencies nst.com.my
- Ringgit gains against most major, Asean currencies despite weaker US dollar malaymail.com
