KUALA LUMPUR, Oct 4 — The ringgit was marginally lower against the US dollar at today’s close, in line with other emerging market currencies, as investors remained on the sidelines, awaiting the US private employment data scheduled to be released later today.
At 6pm, the local note slipped to 4.7285/7320 against the greenback from Tuesday’s close of 4.7215/7255
Meanwhile, Bank Negara Malaysia’s Governor Abdul Rasheed Ghaffour has ruled out an interest rate cut at the moment, with the domestic economy likely to remain resilient as employment and wages support household spending.
In a news report today, Abdul Rasheed, who led the central bank in keeping the overnight policy rate (OPR) at 3.0 per cent in his first two meetings as governor, said Malaysia’s expansion would also be underpinned by multi-year infrastructure projects and an expected rebound in global demand in 2024.
The ringgit was traded lower versus a basket of major currencies.
It went down against the yen to 3.1703/1729 from 3.1504/1533 at Tuesday’s close, declined against the euro to 4.9645/9681 from 4.9500/9542 on Tuesday and depreciated vis-a-vis the British pound to 5.7343/7385 from 5.7031/7079.
The local note was traded mostly lower against other Asean currencies.
It decreased versus the Thai baht to 12.7549/7685 from 12.7381/7540 on Tuesday but rose against the Indonesian rupiah to 302.4/302.8 from 303.0/303.4 previously.
It was easier against the Philippine peso at 8.34/8.35 compared with Tuesday’s close of 8.31/8.32 and weakened against the Singapore dollar to 3.4462/4492 from 3.4366/4400 previously.
— Bernama
