Ringgit’s sentiment remains strong despite 2024 weak start
Published on: Tuesday, January 02, 2024
By: Bernama
It weakened against the Japanese yen to 3.2519/3.2560 from 3.2356/3.2415 at Friday’s close, rose versus the euro to 5.0675/5.0736 from 5.0729/5.0817 and eased vis-a-vis the British pound to 5.8416/5.8486 from 5.8321/5.8422.
Kuala Lumpur: The ringgit opened lower in early trade on Tuesday, the first trading day of the new year 2024, but sentiment for the local note remains strong.
It had closed the last trading day of 2023 higher by a marginal 0.3%.
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AmBank Group said the ringgit firmed 0.3% on the last trading day of 2023 to close below the 4.60 level at 4.594, the highest since August 2023 and traded within the range of 4.578 and 4.615.
“While we think (there is) further upside for the ringgit, cautious trading for the currency is still possible ahead of new US economic data this week.
“Investors now will focus on US key labour market and PMI data this week to kickstart 2024,” it said in a research note today.
At 9am, the ringgit appreciated to 4.5910/4.5965 against the US dollar from Friday’s close of 4.5900/4.5980.
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The local note was traded mostly lower against a basket of major currencies.
It weakened against the Japanese yen to 3.2519/3.2560 from 3.2356/3.2415 at Friday’s close, rose versus the euro to 5.0675/5.0736 from 5.0729/5.0817 and eased vis-a-vis the British pound to 5.8416/5.8486 from 5.8321/5.8422.
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The ringgit was also traded lower or remained unchanged against Asean currencies.
It fell against the Singapore dollar to 3.4786/3.4833 from 3.4746/3.4812 at last Friday’s close and was almost flat vis-à-vis the Philippine peso at 8.28/8.30 from 8.28/8.31 previously.
The local currency saw a marginal change versus the Indonesian rupiah at 298.1/298.5 from 298.1/298.6 on Friday and declined against the Thai baht to 13.3728/13.3954 from 13.3422/13.3760.
Asian markets were closed on Monday for the New Year.
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