KUALA LUMPUR: Ringgit Vs USD Today – The ringgit opened slightly lower against the US dollar on Thursday due to the improved sentiment of the USD, according to an economist.
The Malaysian currency fell against the US dollar to 4.7080/4.7125 at 9:08 am, against Wednesday’s close of 4.7055/4.7075.
Ringgit Vs USD Today
Afzanizam Rashid, the chief economist at Bank Muamalat Malaysia Bhd, said the ringgit will likely trade sideways on Thursday as technical charts suggest USD/MYR is in a neutral zone.
“The US Dollar Index (DXY) continued to stay above 105 points due to a weak euro, Japanese yen, and pound sterling, which account for more than 80% of the index. In a nutshell, the outlook for a strong US dollar in the near term remains intact,” he told freemalaysiatoday.com.
Ringgit Vs Other Major Currencies
Meanwhile, the ringgit traded higher against a basket of major currencies in early trade on Thursday.
The local currency appreciated against the Japanese yen to 2.9797/2.9828 from 2.9806/2.9821 on Wednesday and gained slightly against the British pound to 5.9872/5.9929 from 5.9896/5.9922.
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However, it weakened against the euro, going from 5.0518/5.0540 to 5.0592/5.0641. The ringgit traded lower against its ASEAN counterparts.
Against the Singapore dollar, it fell to 3.4856/3.4892 from 3.4832/3.4850 and against the Thai baht to 12.8420/12.8585 from 12.8257/12.8354.
It also fell against the Indonesian rupiah to 287.6/288.1 from Wednesday’s close of 287.4/287.7 but was unchanged against the Philippine peso at 8.01/8.02.
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