At 8am, the ringgit surged to 4.4325/4.4555 versus the US dollar versus Thursday’s close of 4.4535/4.4600.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said Malaysia’s fourth-quarter (Q4) growth is expected at 4.8% and full-year 2024 growth is projected at 5.1%, suggesting that the economy has been growing at a decent rate last year.
“Perhaps, this would motivate the central bank to keep the overnight policy rate steady at 3.00%, which would support the ringgit, given that its counterparts in Asean have begun to ease its monetary policies,” he added.
Meanwhile, Afzanizam said the US Dollar Index (DXY) fell 0.58% to 107.313 points while equities and bond markets rally also bolstered the ringgit.
The ringgit is poised to have a good start today, and possibly attempt to pierce its immediate support level of RM4.45, he said.
Meanwhile, the ringgit traded lower against a basket of major currencies but appreciated versus the euro to 4.6373/4.6613 from 4.6419/4.6487 at Thursday’s close.
It depreciated against the Japanese yen to 2.8978/2.9130 from 2.8917/2.8961 and slipped vis-à-vis the British pound to 5.5690/5.55979 from 5.5615/5.55696 at yesterday’s close.
The local note traded higher against Asean currencies.
The ringgit rose against the Singapore dollar to 3.2987/3.3166 from 3.2999/3.3049 and increased against the Thai baht to 13.1595/13.2380 from 13.1644/13.1906 previously.
It also strengthened vis-à-vis the Indonesian rupiah to 270.9/272.4 from 272.1/272.7 and climbed against the Philippine peso to 7.63/7.68 from 7.67/7.68 at yesterday’s close. - FMT
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.