The ringgit closed lower against a firmer US dollar, trading within a narrow range as market sentiment remained cautious.
KUALA LUMPUR: The ringgit closed lower on Thursday as the US dollar strengthened against other major currencies.
At 6 pm, the local currency weakened to 4.0535/0595 versus the greenback from Wednesday’s close of 4.0465/0525.
Bank Muamalat Malaysia Bhd’s chief economist, Dr Mohd Afzanizam Abdul Rashid, noted that the US dollar was on firmer footing, with the US Dollar Index (DXY) rising 0.13% to 99.187 points.
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The strengthening followed news that Donald Trump has no plans to remove current Federal Reserve Chairman Jerome Powell.
“The news seems to provide some support to the greenback, as new candidates for the Fed chairmanship will be announced in a few weeks,” Mohd Afzanizam told Bernama.
He added that the ringgit oscillated within a narrow range between RM4.048 and RM4.0578 due to cautious market sentiment.
At the close, the ringgit traded lower against a basket of major currencies.
It depreciated versus the Japanese yen to 2.5594/5633 from 2.5488/5526.
The local note weakened vis-à-vis the euro to 4.7167/7236 from 4.7146/7216.
It also edged down against the British pound to 5.4467/4548 from 5.4446/4526.
The ringgit was easier against most of its ASEAN peers.
It slipped versus the Singapore dollar to 3.1491/1540 from 3.1432/1481.
The local currency was flat vis-à-vis the Indonesian rupiah at 239.9/240.3.
It showed little change against the Philippine peso at 6.81/6.83 from 6.81/6.82 previously.
The ringgit fell versus the Thai baht to 12.9096/9349 from 12.8714/8958. – Bernama
