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Tuesday, August 8, 2023

Ringgit may hover at 4.56 against greenback today

 

KUALA LUMPUR: The ringgit opened lower against the US dollar in early trade today given the prevailing sentiment in the market, which suggests a weaker outlook for global growth.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said Malaysia’s industrial production index (IPI) for June is anticipated to show a decline of 1% based on consensus estimates.

“Meanwhile, US Federal Reserve officials’ statement implies that the federal funds rate will likely remain high in the short term, but there is a chance of a rate cut next year if inflation continues to ease.

“Consequently, the US Dollar Index (DXY) inched up by 0.03% to reach 102.047 yesterday,” he told Bernama.

He expected the ringgit to hover around 4.56 against the US dollar today.

At 9.01am, the local note decreased to 4.5640/4.5695 against the greenback compared with 4.5575/4.5625 at yesterday’s close.

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

It dropped vis-a-vis the British pound to 5.8287/5.8357 from 5.7971/5.8035 on Monday’s close and fell against the euro to 5.0158/5.0219 from 4.9978/4.0032.

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Meanwhile, it rose against the Japanese yen to 3.1918/3.1961 from 3.2018/3.2056 previously.

The local unit was traded mixed against other Asean currencies.

The ringgit appreciated against the Thai baht at 13.0792/13.1006 from 13.0801/13.0997 previously and rose against the Philippine peso to 8.12/8.14 from 8.13/8.14.

It depreciated against the Singapore dollar to 3.3996/3.4042 from 3.3968/3.4008 and went down against the Indonesian rupiah to 300.5/301.0 from 300.0/300.6 previously. - FMT

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