Selangor Journal
Image for illustration purposes only. — Picture by BERNAMA

Ringgit ends marginally lower against US dollar

KUALA LUMPUR, Dec 7 — The ringgit ended marginally lower against the US dollar today as the recent run of macro data points in the United States continues to underscore relatively solid economic trends, said an analyst.

At 6pm, the local note eased to 4.3950/4000 against the greenback from 4.3930/3990 at Tuesday’s close.

SPI Asset Management managing director Stephen Innes said the recent easing of the US financial conditions may trigger a need for the Federal Reserves to push back any interest rate hikes in December, which has strengthened the US dollar.

“Meanwhile, China’s reopening optimism was offset by weaker-than-expected imports for China, underscoring sluggish domestic demand, and this was perceived quite negatively for the ringgit as Malaysia is a big exporter into China,” he told Bernama.

Nevertheless, he said China’s exit from the zero-Covid-19 policy would eventually be highly beneficial for Asian exporters of consumer goods and tourism services.

“This will likely be the key theme that drives Asia’s forex performance in 2023, in which the Thai baht and ringgit will stand out,” he said.

Meanwhile, the ringgit was traded higher against a basket of major currencies at the close.

The local note appreciated against the British pound to 5.3320/3381 from 5.3498/3571 at Tuesday’s close, strengthened vis-a-vis the euro to 4.6055/6108 from 4.6096/6159, climbed versus the Singapore dollar to 3.2323/2365 from 3.2363/2412 and increased against the Japanese yen to 3.1936/1974 from 3.2120/2166 yesterday.

— Bernama

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