Ringgit closes marginally lower ahead of US PCE data

 

KUALA LUMPUR: 

The ringgit ended marginally lower against the US dollar ahead of the US personal consumption expenditures (PCE) price index data for February, which is due later today.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said currency markets were mixed ahead of the US PCE inflation report, with the ringgit exhibiting a range-bound trade.

The US dollar/ringgit moved within a range of RM4.4268 to RM4.4340.

“Meanwhile, the US dollar/Indonesian rupiah appreciated to IDR16,558 per US dollar, possibly due to intervention by the Bank of Indonesia,” he told Bernama.

At 6pm, the local currency edged down to 4.4330/4.4355 against the greenback from yesterday’s close of 4.4300/4.4340.

The ringgit was traded lower against a basket of major currencies.

It depreciated against the euro to 4.7761/4.7788 from 4.7720/4.7763 at yesterday’s close, weakened against the Japanese yen to 2.9438/2.9456 from 2.9351/2.9380, and decreased against the British pound to 5.7407/5.7440 from 5.7236/5.7287.

The local currency was mixed against Asean currencies.

It appreciated against the Singapore dollar to 3.3040/3.3061 from 3.3060/3.3094 at the previous close, strengthened against the Thai baht to 13.0390/13.0533 from 13.0678/13.0854 but slid against the Indonesian rupiah to 267.7/267.9 from 267.4/267.8.

However, the ringgit was flat against the Philippine peso at 7.72/7.73. - FMT