Meanwhile, Bursa Malaysia closed higher, with the key index rising 0.34%, buoyed by fresh foreign funds as well as late buying support from local funds.
SPI Asset Management managing director Stephen Innes said the ringgit received some minor support from positive risk sentiment and stable-to-higher oil prices throughout the Asia session.
“However, gains were capped ahead of the US Producer Price Index (PPI) inflation report tonight.
“Given the print implications for the Federal Reserve’s preferred inflation gauge, it is a closely watched indicator,” he told Bernama.
Likewise, Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit has regained some lost ground against the US dollar, gaining about 0.12% today.
As for the fourth quarter of 2023 (Q4 2023) gross domestic product (GDP) announcement, he noted the data showed that the Malaysian economy was susceptible to weakening global demand.
Malaysia recorded a GDP growth of 3.7% in 2023, with an expansion of 3% in Q4 2023, supported by continued recovery in economic activity and labour market conditions.
In 2024, the Madani government is confident of achieving stronger GDP growth of between 4%-5% on the back of strong fundamentals and reforms mapped out in the Madani Economy and Budget 2024.
At 6pm, the ringgit rose to 4.7765/4.7820 against the greenback compared to yesterday’s close of 4.7800/4.7850.
Meanwhile, the ringgit was traded lower against a basket of major currencies, except that it improved vis-a-vis the Japanese yen to 3.1780/3.1818 from 3.1860/3.1896 at yesterday’s close.
It slipped against the British pound to 6.0117/6.0186 from 6.0008/6.0071 and declined versus the euro to 5.1419/5.1478 from 5.1304/5.1357 previously.
The ringgit was traded mixed against other Asean currencies.
It weakened versus the Thai baht to 13.2559/13.2763 compared to 13.2084/13.2292 at yesterday’s close and inched up versus the Singapore dollar at 3.5479/3.5522 compared to 3.5481/3.5521.
The local note was unchanged against the Philippine peso at 8.53/8.55 from 8.53/8.54 yesterday and was flat vis-a-vis the Indonesian rupiah at 305.7/306.1 from 305.7/306 previously. - FMT
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