KUALA LUMPUR, Nov 23 — The ringgit traded marginally lower against the US dollar at the close on Thursday due to a lack of catalysts, said an analyst.
At 6pm, the ringgit eased to 4.6775/6830 against the greenback from Wednesday’s close of 4.6735/6805.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the market remains guarded as to how the US dollar will evolve, given the mixed data points from the University of Michigan’s Consumer Sentiment Index and US Jobless Claims.
“On one hand, the weak data points means the US Federal Reserve (US Fed) could change its course next year.
“However, a stubborn inflation rate which may take a while to hit the two per cent may prevent the US Fed from loosening their monetary stance prematurely,” he told Bernama.
At the close, the ringgit was traded lower versus a basket of major currencies.
It weakened against the euro at 5.1092/1152 from 5.0946/1022 on Wednesday, dropped versus the Japanese yen to 3.1342/1381 from 3.1338/1387 and slid vis-à-vis the British pound to 5.8740/8809 from 5.8550/8637.
The local note also traded mixed against other Asean currencies.
It was flat vis-à-vis the Indonesian rupiah at 300.6/301.2 from 300.0/300.6, fell versus the Singapore dollar to 3.4922/4969 from 3.4838/4893 and down against the Philippine peso at 8.44/8.46 from 8.42/8.44 previously.
However, the local note rose versus the Thai baht to 13.2601/2813 from 13.2702/2957 yesterday.
— Bernama
