KUALA LUMPUR: The ringgit edged higher against the US dollar at the close even as traders adopted a cautious stance, showing hesitancy in participating in the market.
SPI Asset Management managing partner Stephen Innes noted the resilience is attributed to the cautious stance reflected in the Federal Reserve’s (Fed) minutes released yesterday which implied that the Fed has concluded its series of interest rate hikes.
“The most noteworthy observation is that US bond yields are holding steady despite a reduction in geopolitical risk, indicating the market believes the Fed has completed its interest rate hikes.
“Traders will also closely monitor the release of the US Consumer Price Index (CPI) data tonight, and if it aligns with expectations, US bond yields could decline further, providing additional support for the ringgit,” he told Bernama.
At 6.02pm, the local note rose to 4.7090/4.7140 against the greenback from yesterday’s close of 4.7145/4.7180.
The ringgit traded mostly lower versus a basket of major currencies.
It depreciated against the euro to 5.0005/5.0058 from 4.9983/5.0020 and went down against the British pound to 5.7925/5.7987 from 5.7918/5.7961 at yesterday’s close.
Meanwhile, it went up against the yen to 3.1572/3.1614 from 3.1711/3.1737 at yesterday’s close.
The local note traded mixed against other Asean currencies.
It appreciated against the Singapore dollar to 3.4556/3.4598 from 3.4587/3.4617 and went up against the Indonesian rupiah at 299.9/300.4 from 300.2/300.6 at yesterday’s close.
It depreciated against the Thai baht to 12.9997/13.0207 from 12.9462/12.9615 and went down against the Philippine peso to 8.31/8.32 versus 8.30/8.32 previously. - FMT
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