Ringgit ends higher against major currencies, easier vs greenback
KUALA LUMPUR: The ringgit ended higher against a basket of major currencies but slid against the US dollar on Thursday, as the greenback remained well supported despite waning expectations of an interest rate hike by the United States (US) Federal Reserve (Fed).
The Malaysian ringgit concluded higher against several key currencies on Thursday, but experienced a decline against the US dollar. The greenback maintained strong support, even as expectations of an interest rate increase by the United States Federal Reserve dwindled. By 6pm, the ringgit was at 4.0830/4.0875 against the US dollar, a slight decline from Wednesday's close of 4.0785/4.0820.
Bank Muamalat Malaysia Bhd economist Dr Mohd Afzanizam Abdul Rashid reported that the ringgit traded within a narrow range of 4.0820-4.0875 against the US dollar on Thursday. The likelihood of a US rate hike had decreased to below 50% from over 70% previously, following lower-than-expected personal consumption expenditures (PCE) inflation data.
Despite this, the US dollar remained robust, with the US dollar Index rising by 0.30% to 101.759 points. Dr Rashid suggested there was a chance the Federal Reserve might postpone its rate hike in October while markets adjusted to the latest economic data. Against major currencies, the ringgit improved against the euro, British pound, and Japanese yen.
It also strengthened against the Singapore dollar, Thai baht, and Philippine peso. However, the ringgit remained relatively stable against the Indonesian rupiah.
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- Ringgit slips against US dollar but gains against major currencies malaymail.com
- Ringgit ends higher against major currencies, easier vs greenback freemalaysiatoday.com
