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Ringgit trades lower amid sharp increase in demand for USD | Scoop
At 9.20am, the ringgit trades lower at 4.69600/7015 against the greenback from yesterday’s close of 4.6695/6755. – Scoop pic, November 16, 2023
News

Ringgit trades lower amid sharp increase in demand for USD

Local note opens at 4.69600/7015 against dollar from yesterday’s close of 4.6695/6755

Bernama
Updated
11:00 AM MYT

 

KUALA LUMPUR – The ringgit opened easier against the US dollar today on mild profit-taking on the local currency in light of the sharp appreciation recently, said an analyst. 

At 9.20am, the ringgit was traded lower at 4.69600/7015 against the greenback from yesterday’s close of 4.6695/6755.  

Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid said that on the external front, the US data continues to suggest that the economy is cooling with retail sales falling 0.1% month-on-month in October, the first decline since March. 

Despite that, the short-term rates were higher with the two-year US Treasury yield rising eight basis points to 4.91% as markets are still wary of the future path of Fed Fund Rate. 

Besides, Japan’s third quarter (3Q) 2023 gross domestic product (GDP) contracted 0.5% quarter-on-quarter, justifying the move by the Bank of Japan to maintain its ultra loose monetary policy. 

The European Consumer Price Index (CPI) steadily moderated to 4.0% year-on-year in October from 4.9% previously, implying the European Central Bank rates are also nearing its peak.  

Meanwhile, the ringgit traded lower versus a basket of major currencies. 

It slightly weakened against the Japanese yen to 3.1058/1097 from 3.1049/1091 at yesterday’s close, down against the euro to 5.0933/0992 from 5.0669/0734 previously, and fell vis-a-vis the British pound to 5.8268/8336 from 5.8187/8261. 

The local currency also traded lower against other Asean currencies. 

It depreciated against the Singapore dollar to 3.4757/4800 from 3.4615/4662 on Wednesday and was lower against the Philippine peso at 8.40/8.42 from 8.36/8.38 previously. 

The ringgit dropped against the Thai baht to 13.1799/2005  from 13.1713/1935  yesterday and declined vis-a-vis the Indonesian rupiah to 302.2/302.8 from 300.5/301.1. – November 16, 2023

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