KUALA LUMPUR: The ringgit retreated to close lower against the US dollar today, snapping two consecutive days of gains on caution ahead of US inflation data.
The US Personal Consumption Expenditures (PCE) price index will be out on Friday, which will further provide clarity on the interest rate outlook in the US.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said market players appeared to be taking shelter against the uncertainty ahead of the PCE data, with the local note and other regional currencies generally weakening against the greenback.
“The weaker yen was also in the limelight as the Japanese finance ministry issued a warning of possible intervention in the forex market.
“This happened despite the Bank of Japan’s decision last week to end the negative interest rate policy, the yield curve control, and purchases of risk assets. All in all, it seems like risk-off mode at the moment,” he told Bernama.
Consequently, he said the US Dollar Index gained 0.09% to 104.396 points.
At 6pm, the ringgit slid to 4.7320/4.7370 against the greenback from yesterday’s close of 4.7109/4.7220.
At the close, the ringgit was traded weaker against a basket of major currencies.
It depreciated against the euro to 5.1233/5.1287 from yesterday’s close of 5.1225/5.1257 and against the British pound to 5.9742/5.9805 from 5.9733/5.9771.
The ringgit was also lower vis-a-vis the Japanese yen at 3.1261/3.1298 from 3.1194/3.1216 yesterday.
The ringgit traded mixed against Asean currencies.
It rose versus the Thai baht to 12.9925/13.0130 from 13.0021/13.0151 and was also higher vis-a-vis the Indonesian rupiah at 298.3/298.8 from 298.7/299.1.
The local unit was flat against the Singapore dollar at 3.5112/3.5151 from 3.5112/3.5137 and declined against the Philippine peso to 8.41/8.43 from 8.38/8.38. - FMT
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