Ringgit slips against US dollar but gains against major currencies

KUALA LUMPUR, Oct 1 — The Malaysian ringgit experienced mixed movements against major currencies and the US dollar on Thursday. By 6pm, it slipped to 4.0830/4.0875 against the US dollar, down from Wednesday's closing rate of 4.0785/4.0820. Analyst Dr Mohd Afzanizam Abdul Rashid from Bank Muamalat Malaysia Bhd explained that the ringgit remained within a narrow range of RM4.0820-RM4.0875 against the US dollar.

He cited the recent personal consumption expenditures (PCE) inflation data, which fell short of market expectations, leading to a drop in the odds of a US rate hike to below 50% from over 70%. Despite this, the US dollar remained robust, with the US dollar Index climbing 0.30% to 101.759 points, according to Dr Rashid. The ringgit fared better against other currencies, appreciating against the euro, British pound, and Japanese yen, while it also strengthened against the Singapore dollar, Thai baht, and Philippine peso. However, it remained relatively stable against the Indonesian rupiah.