Ringgit rises against major currencies, slips vs US dollar
KUALA LUMPUR: The ringgit strengthened against most major currencies but weakened against the US dollar at Friday's opening, as investors remained cautious ahead of the US Federal Reserve's (Fed) December policy meeting.
KUALA LUMPUR: The Malaysian ringgit showed mixed movements against major currencies on Friday as investors remained cautious ahead of the US Federal Reserve's December policy meeting. At 8am, the local currency weakened to 4.0780/0840 against the US dollar, down from 4.0765/0805 at Thursday's close. Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, attributed the ringgit's strength against most major currencies to expectations of a potential Fed rate hike.
However, the ringgit weakened against the US dollar due to the US Dollar Index's ongoing climb and rising Brent crude oil prices, which indicated possible sustained inflationary pressures. Despite this, traders largely overlooked the increase in initial jobless claims and a drop in home sales in the US. The ringgit is expected to trade between RM4.07 and RM4.08 against the US dollar today.
Against a basket of currencies, the ringgit strengthened against the euro, British pound, and Japanese yen, while it showed mixed performance against ASEAN currencies and remained flat against the Philippine peso.
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- Ringgit rises against major currencies, slips vs US dollar freemalaysiatoday.com
