Ringgit ends easier against US dollar, mixed versus major currencies amid AI, bond yield concerns

KUALA LUMPUR, Oct 23 — The Malaysian ringgit ended marginally weaker against the US dollar on Monday as uncertainty persisted over the impact of artificial intelligence (AI) on share prices and lower bond yields. The US Treasury yields dropped on Friday as investors sought refuge in government bonds. At 6 pm, the ringgit slipped to 4.0835/0875 against the US dollar, down from yesterday's rate of 4.0815/0850.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid stated to Bernama that the US dollar-ringgit pair traded within a range of 4.0813 to 4.0865 during the day. Market participants expressed caution, monitoring cues from the Federal Open Market Committee statement and the coming press conference, with expectations of the Federal Funds Rate staying steady at 3.75 to 4.00 percent.

By the close, the ringgit was mostly stronger against a selection of major currencies. It gained against the British pound, reaching 5.4633/4687 from 5.4659/4706, edged higher relative to the euro from 4.5790/5830, but slipped against the Japanese yen to 2.6076/6103 from 2.6035/6057. The ringgit was generally more favorable against neighboring countries.

It appreciated against the Singapore dollar to 3.1952/1986, climbed against the Indonesian rupiah to 225.8/226.1, but decreased against the Thai baht to 12.0985/1154 and remained unchanged against the Philippine peso at 6.42/6.43.