The decline was capped by weaker US economic data, which continued to support demand for the ringgit, says analyst.
However, the decline was capped by weaker US economic data, which continued to support demand for emerging-market currencies, including the ringgit.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said traders may have taken profits despite softer US data, particularly with indicators pointing to a weakening labour market.
Citing payrolls processing firm ADP’s national employment report, he noted that the ADP employment change, which measures private-sector employment, rose by only 22,000 in January, falling short of the consensus estimate of 46,000 and lower than the December figure of 37,000.
“Nevertheless, the ringgit experienced choppy trading today, with the US dollar-ringgit pair rising to as high as RM3.9670 during the morning session before easing to hover around RM3.9523 in the afternoon,” he told Bernama.
At 6pm, the ringgit stood nearly unchanged at 3.9440/3.9525 against the greenback compared with yesterday’s close of 3.9440/3.9535.
At the close, the ringgit traded mostly lower against a basket of major currencies.
It depreciated versus the Japanese yen to 2.5111/2.5167 from 2.5068/2.5130 at yesterday’s close but depreciated vis-à-vis the British pound to 5.3548/5.3663 from 5.3496/5.3625 and slipped against the euro to 4.6508/4.6608 from 4.6460/4.6572 previously.
The local note was also mostly lower against its Asean peers.
The ringgit strengthened against the Indonesian rupiah to 233.6/234.3 from 234.1/234.8 at the previous close.
However, it declined vis-à-vis the Singapore dollar to 3.0965/3.1034 from 3.0943/3.1020 at yesterday’s close, fell versus the Thai baht to 12.4609/12.4933 from 12.3955/12.4320 and eased against the Philippine peso to 6.73/6.75 from 6.72/6.74 previously. - FMT
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