Ringgit closes lower on mild profit-taking

 

KUALA LUMPUR: The ringgit depreciated against the US dollar at the close today on mild profit-taking following recent gains, said an analyst.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the weaker ringgit was attributed to the People’s Bank of China’s lower daily fixing of the yuan, among other factors.

“The recent policy rate cut by the Swiss National Bank by 25 basis points to 1.5% to combat inflation also resulted in the greenback gaining further strength as the US Federal Reserve is not about to cut the rate in the immediate term.

“In a grand scheme of things, the US dollar stands out,” he told Bernama.

At 6pm, the ringgit fell to 4.7340/4.7390 against the greenback from yesterday’s close of 4.7140/4.7170.

At the close, the ringgit was traded mostly higher against a basket of major currencies.

It appreciated against the euro to 5.1203/5.1257 from 5.1444/5.1477 yesterday and also against the British pound to 5.9582/5.9645 from 6.0202/6.0241.

However, it depreciated vis-a-vis the Japanese yen to 3.1223/3.1258 from 3.1200/3.1222.

Meanwhile, the ringgit traded higher against other Asean currencies, except for the Philippine peso which was flat at 8.41/8.42.

It was firmer versus the Thai baht at 13.0116/13.0318 compared with 13.0712/13.0850 yesterday, appreciated vis-a-vis the Indonesian rupiah to 299.8/300.4 from 300.8/301.1 and appreciated against the Singapore dollar to 3.5106/3.5145 from 3.5205/3.5230 previously. - FMT