Ringgit gains against yen, pound and euro, slips against US dollar

KUALA LUMPUR, Oct 7 — The Malaysian ringgit demonstrated mixed performance against major currencies on October 7, closing higher than the US dollar despite global concerns surrounding Europe's fiscal situation. By 6 pm, the ringgit traded at 4.0850/0895 against the greenback, a slight dip from its previous close of 4.0835/0880. Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, attributed the upward movement of the US Dollar Index (DXY) to the stronger US dollar.

The DXY surged 0.42 per cent to 102.26 points, due to the euro's decline of 0.69 per cent against the US dollar, now at 1.1181. Despite this, the ringgit maintained a narrow range against the US dollar, with its value fluctuating between RM4.0840 and RM4.0885 throughout the day. At the close, the ringgit exhibited a general upward trend against a range of currencies.

It gained against the Japanese yen, rising from 2.5807/5837 to 2.5797/5827, strengthened against the British pound, moving from 5.4066/4125 to 5.4049/4108, and appreciated against the euro, climbing from 4.5907/5957 to 4.5740/5790. Conversely, the ringgit showed mixed results against its ASEAN counterparts. It edged up against the Singapore dollar, transitioning from 3.1935/1975 to 3.1919/1957, and strengthened against the Thai baht, shifting from 12.1424/1609 to 12.1217/1386.

However, it depreciated against the Philippine peso, falling from 6.50/6.51 to 6.51/6.52, and slipped marginally against the Indonesian rupiah, moving from 228.1/228.4 to 228.3/228.7.