Ringgit weakens against US dollar at the close

KUALA LUMPUR: The ringgit closed lower against the US dollar as local market sentiment remained weak due to the United States Federal Reserve’s (Fed) hawkish stance.

At 6 pm, the local note weakened to 4.4765/4780 versus the greenback from Thursday’s closing rate of 4.4730/4780.

SPI Asset Management managing director Stephen Innes said Fed officials had warned that higher rates were possible, leading investors to flock to safe-haven assets.

"We also have a strong rebound in China’s services sector where the Caixin/S&P Global services purchasing managers' index rose to 55.0 in February from 52.9 in January.

"However, it is offset by a higher 10-year US Treasury yield data which is hovering at 4.06 per cent currently, making Malaysia assets unattractive,” he told Bernama.

The ringgit was traded mostly lower against a basket of major currencies.

The local note slipped against the Japanese yen to 3.2877/2890 from 3.2772/2813 at Thursday’s close and decreased versus the British pound to 5.3642/3660 from 5.3546/3606 previously, but it advanced vis-a-vis the euro to 4.7487/7503 from 4.7539/7592 yesterday.

Meanwhile, the ringgit also traded mostly lower against some Asean currencies.

It eased versus the Singapore dollar to 3.3255/3269 from 3.3210/3252 yesterday, fell against the Thai baht to 12.8998/9105 from 12.8583/8789 previously, and depreciated vis-a-vis the Philippine peso to 8.16/8.17 from 8.13/8.14.

However, the local currency climbed against the Indonesian rupiah to 292.30/292.60 from 292.60/293.20 yesterday. - Bernama