Ringgit slips as economic data sustains US dollar’s strength
Published on: Tuesday, April 02, 2024
By: Bernama
Kuala Lumpur: The ringgit slipped further against the US dollar when the market opened today, as positive US economic data points continued to support the greenback, a dealer said.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said emerging market currencies, including the ringgit, will remain weak in the near term; and the trend is likely to persist ahead of the US nonfarm payrolls (NFP), which is scheduled for release on Friday.
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He also said that consensus estimates have pegged the NFP at 205,000 in March, lower than the previous month’s level of 275,000.
“In that sense, market participants are observing the incoming data to form their opinion on US interest rate outlook. A slew of Federal Reserve speakers are also set to dictate market sentiment this week and this guessing game will benefit the US dollar in the near term,” he told Bernama.
The ringgit was traded mixed against a basket of major currencies.
At 9.01am, the local currency eased to 4.7440/4.7490 versus the US dollar from yesterday’s closing of 4.7285/4.7325.
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It improved against the euro to 5.0932/5.0985 from 5.1002/5.1045 at Monday’s close and strengthened vis-a-vis the British pound to 5.9513/5.9576 from 5.9674/5.9729 yesterday, but fell versus the Japanese yen to 3.1270/3.1305 from 3.1232/3.1260.
The ringgit was traded mostly lower against Asean currencies.
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It strengthened against the Thai baht to 12.9402/12.9584 from 12.9793/12.9949 at Monday’s close.
However, the local note slipped against the Singapore dollar to 3.5065/3.5105 from 3.5054/3.5087, fell vis-a-vis the Indonesian rupiah to 298.4/298.8 from 297.4/297.8, and eased versus the Philippine peso to 8.42/8.43 from 8.40/8.41 previously.
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