Selangor Journal
RM10 and RM50 notes are laid out alongside United States dollars in this file photo. — Picture by BERNAMA

Ringgit rises v greenback at today’s close

KUALA LUMPUR, May 20 — The ringgit appreciated against the US dollar at the close today due to renewed buying interest, driven by optimism over potential interest rate cuts in the United States, an analyst said.

At 6pm, the ringgit rose to 4.6850/6875 versus the greenback from May 17’s close of 4.6865/6890.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said market sentiments remain positive, with the ringgit well supported at RM4.68, while the US Dollar Index was steady at around 104 points.

Speaking to Bernama, he said a series of United States Federal Reserve (Fed) speakers are set to address the public this week, shaping market expectations.

The Federal Open Market Committee (FOMC) meeting minutes will be released on May 23, which will help markets better understand Fed members.

“It appears the anticipation for a rate cut in the US has been building since early May. However, the current situation is still highly fluid as the Fed remains hawkish in the inflation assessment, so the ringgit’s movement is expected to remain in a narrow range in the near term,” Afzanizam said.

At the close, the ringgit traded mostly lower against a basket of major currencies.

The local unit was weaker versus the Japanese yen at 3.0084/0104 from Friday’s close of 3.0071/0089, fell against the euro to 5.0921/0948 from 5.0816/0843 last week, and slid vis-a-vis the British pound to 5.9518/9550 from 5.9303/9335.

The local note traded mixed against Asean currencies, rising against the Philippine peso to 8.09/8.10 from 8.13/8.14 andthe Indonesian rupiah at 293.1/293.5 from 293.6/294.0 previously.

However, it depreciated against the Singapore dollar to 3.4809/4831 from 3.4784/4806 at Friday’s close and slipped versus the Thai baht to 12.9987/13.0100 from 12.9390/9516 previously.

— Bernama

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