Ringgit closes easier versus US dollar


KUALA LUMPUR: The ringgit closed lower against the US dollar as the market viewed the US debt ceiling talks between US President Joe Biden and House Republican speaker Kevin McCarthy as positive for the US dollar while weakening Chinese economic growth continued to weigh on the ringgit.

At 6 pm, the local note stood at 4.5470/5515 versus the greenback from last Friday’s closing rate of 4.5350/5405

SPI Asset Management managing director Stephen Innes said the debt ceiling roller coaster continues, but the market remains cautiously confident Biden and McCarthy will reach a deal by this weekend.

"The market is responding favourably for the US dollar, while China's uneven recovery, cautious local sentiment, less supportive portfolio flows and US dollar hoarding are making the ringgit weaker,” he said.

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

It weakened vis-a-vis the British pound to 5.6578/6634 from 5.6370/6438 at the close last Friday, eased against the euro to 4.9189/9238 from 4.8978/9037 and closed lower against the Japanese yen at 3.2973/3008 from 3.2839/2881 previously.

The local note was traded lower against other Asean currencies.

It depreciated versus the Indonesian rupiah to 305.3/305.8 from 303.6/304.2 at last Friday’s close, declined to 3.3799/3835 from 3.3715/3758 against the Singapore dollar and fell vis-a-vis the Thai baht to 3.1950/2138 from 13.1862/2083.

However, the ringgit was unchanged against the Philippine pesos at 8.14/8.16 since last Friday. - Bernama

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Ringgit , US debt ceiling , Trade , Stephen Innes

   

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