KUALA LUMPUR, Dec 13 — The ringgit ended easier against the greenback on Wednesday while market participants awaited the Federal Open Market Committee meeting outcome tonight, said an analyst.
At 6 pm, the ringgit fell to 4.7035/7085 against the US dollar from yesterday’s close of 4.6830/6855.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit’s performance versus the US dollar was weaker in tandem with regional currencies.
“The US consumer price index print, which met expectation based on year-on-year comparison, appears to suggest that the Federal Reserve (Fed) might be inclined to maintain its hawkish stance when deliberating on the Federal Funds Rate tonight.”
It would definitely be dollar-positive should the Fed maintain its hawkish stance tonight, he said.
At the close, the ringgit was weaker versus a basket of major currencies.
It slipped against the British pound to 5.8916/8979 from 5.8842/8873 at Tuesday’s close, depreciated vis-a-vis the euro to 5.0737/0791 from 5.0548/0575 yesterday, and weakened against the Japanese yen to 3.2249/2285 from 3.2212/2232 previously.
The ringgit was traded lower against a few Asean currencies although it appreciated against the Philippine peso to 8.39/8.40 from Tuesday’s closing rate of 8.42/8.43.
It declined against the Indonesian rupiah to 300.2/300.8 from 299.7/300.1 at yesterday’s close, edged down versus the Singapore dollar to 3.5001/5041 from 3.4898/4920 previously, and dropped against the Thai baht to 13.1390/1592 from 13.1261/1390.
— Bernama
