KUALA LUMPUR, April 18 — The ringgit traded easier against the US dollar this morning amid stronger demand for the greenback, said dealers.
At 9.10am, the local note slipped to 4.2370/2410 versus the US dollar from 4.2330/2380 at Friday’s close.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said this week’s focus would be on the International Monetary Fund’s (IMF) latest global growth projection for 2022 and 2023.
“In an interview last week, IMF managing director Kristalina Georgieva indicated that the institution would be revising downward its global growth projection, citing the war in Ukraine has severely affected commodity prices and inflation,” he told Bernama.
Mohd Afzanizam noted that demand for safe-haven assets such as the US dollar would remain prevalent as the market would be looking at China’s economic growth in 2022.
“China’s economic growth for the first quarter of 2022 will also be in focus with consensus estimates pegging the growth rate at 4.4 per cent from the 4.0 per cent in the preceding quarter.
“It looks like China will continue to grow at a sub-par rate as their Zero Covid Strategy is taking a toll on the economy. The US dollar/ringgit might range between RM4.23 and RM4.24 today,” he added.
Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.
It appreciated against the Singapore dollar to 3.1161/1195 from Friday’s 3.1198/1242 but declined versus the Japanese yen to 3.3486/3520 from 3.3465/3510.
The local unit increased vis-a-vis the British pound to 5.5267/5320 from 5.5308/5374 and firmed against the euro to 4.5772/5816 from 4.5776/5830.
— Bernama
