Ringgit marginally lower amid economic uncertainties

  • Forex
  • Thursday, 01 Jun 2023

KUALA LUMPUR: The ringgit slipped further to end marginally lower against the US dollar today on the lack of catalysts amid a slightly firmer greenback, said an analyst.

At 6 pm, the local note stood at 4.6110/6165 against the US dollar compared to Wednesday’s close of 4.6105/6155.

Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid said the United States (US) debt ceiling bill continued to take centre stage as it will now go to the Senate for final voting before the US President Joe Biden can sign the bill.

He noted that investors now also have mixed feelings about the potential interest rate hike of 25 basis points in June as the US Nonfarm Payroll (NFP), which is expected to come in at 195,000 persons, might exceed the forecast.

"It’s quite a mixed feeling, and the economic uncertainties would likely result in market participants being defensive. On that note, the US dollar against the ringgit continues to weaken at around RM4.6178,” he told Bernama.

At today’s close, the ringgit was also lower against a basket of major currencies.

It fell vis-a-vis the British pound to 5.7407/7475 from yesterday’s close of 5.6986/7048, decreased against the euro at 4.9356/9415 from 4.9208/9261 and slightly lower against the Japanese yen to 3.2995/3036 from 3.2951/2989 yesterday.

At the same time, the local note traded mixed against other Asean currencies.

The ringgit was flat versus the Indonesian rupiah to 307.4/308.0 from 307.4/307.9 at Wednesday’s close and almost flat at 3.4095/4138 against the Singapore dollar from 3.4036/4075 yesterday.

The local currency slipped vis-a-vis the Thai baht to 13.2569/2792 from 13.2440/2641 but rose against the Philippines’ peso to 8.19/8.21 from 8.20/8.22 previously. - Bernama

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!


Next In Business News

CPO futures likely to trend lower next week
BFood aims higher amid rising competition
Bearish stance on bonds and currency
Steady outlook for luxury condominium segment
No major change in salaries
Short position: Narrowing of valuation discounts, Food for thought
Long way to go for Malaysian carbon market
Sime Darby cements its position as key auto player
CEO shares insights into group’s outlook
SC unveils measures to attract foreign investors

Others Also Read