Ringgit ends lower against US dollar

KUALA LUMPUR: The ringgit ended lower against the US dollar on Friday, as the greenback strengthened due to robust United States Manufacturing Purchasing Managers Index data, dampening expectations of a potential US interest rate cut, said an analyst.

At 6 pm, the ringgit depreciated to 4.7100/7130 versus the greenback from yesterday’s close of 4.7020/7055.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said since the release of the Federal Open Market Committee minutes on Wednesday, the ringgit has been weaker against the US dollar.

He noted that the US Federal Reserve (Fed) remains open to higher rates if inflation becomes more aggressive.

"This week, the ringgit experienced some form of correction as it appreciated quite steeply against the US dollar.

"The technical charts have been showing signs of overbought condition which resulted in profit-taking activities to seep in,” he told Bernama.

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

The local unit appreciated versus the Japanese yen at 2.9996/3.0017 from Thursday’s 3.0012/0036, it eased against the euro to 5.1000/1032 from 5.0993/1031 and slid vis-a-vis the British pound to 5.9859/9898 from 5.9824/9868 yesterday.

Against ASEAN currencies, the local note traded mixed as it appreciated against the Thai baht to 12.8373/8507 from 12.8688/8833 and was unchanged against the Philippine peso at 8.09/8.10 previously.

The ringgit depreciated against the Singapore dollar to 3.4876/4901 from 3.4843/4874 at Thursday’s close and fell versus the Indonesian rupiah to 294.5/294.7 from 294.0/294.2 previously. - Bernama

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