Ringgit Vs US Dollar Today: The ringgit closed lower against the US dollar on Thursday, continuing its downward trend since yesterday’s close due to higher demand for the dollar, an analyst said.
The ringgit fell to 4.7150/7190 against the US dollar at 9am, compared to the close of 4.7030/7060 on Wednesday.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid told Bernama that the US dollar index and US Treasury securities yields rose last night, indicating that the US Federal Reserve’s tight control over monetary policy will stay.
The dollar index rose above 105 points after hovering around 104 for several days, while the yield on the 10-year US Treasury note rose six basis points to 4.61 percent.
“Against such a backdrop, the ringgit would continue to stay weak as demand for the US dollar remains firm,” Afzanizam told Bernama.
The ringgit traded higher against a basket of major currencies except the Japanese yen.
The local currency appreciated against the euro to 5.0903/0946 from 5.1032/1065 on Wednesday’s close and improved against the British pound to 5.9847/9898 from 6.0010/0049.
It fell slightly against the Japanese yen, from 2.9923/9944 at Wednesday’s close to 2.9957/9987. The ringgit was significantly weaker than its ASEAN counterparts.
Against the Thai baht, it rose to 12.7729/7886 from 12.7938/8068 at Wednesday’s close. Against the Indonesian rupiah, it increased from 290.9/291.3 to 291.7/292.1 and against the Philippine peso, it increased from 8.04/8.05 to 8.05/8.06.
