Ringgit Closes Lower As Us Economic Data Lifts Greenback

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KUALA LUMPUR: The ringgit ended marginally lower against the US dollar today as the greenback strengthened on the back of upbeat US economic data.S&P Global’s flash US composite PMI output index, which tracks the manufacturing and services sectors, increased to 53.5 this month from 51.6 in February.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid noted that the US Dollar Index (DXY) gained further traction, climbing to 104.454 points despite risk assets, such as equities, rebounding on optimism that the imposition of US tariffs would be measured and targeted.
“As for the ringgit, the US dollar/ringgit pair oscillates within a narrow range of RM4.4375 and RM4.4450.
“All eyes will be on the favoured inflation gauge by the US Federal Reserve (Fed) on Friday and a series of Fed speakers who will shed more light on how the Fed policy will evolve in the near term, especially when reciprocal tariffs are announced on April 2,” he told Bernama.
The local note eased to 4.4355/4.4390 against the greenback from yesterday’s close of 4.4325/4.4370.
The ringgit traded higher against a basket of major currencies.
It appreciated against the euro to 4.7908/4.7946 from 4.8039/4.8088 at yesterday’s close, rose against the British pound to 5.7351/5.7396 from 5.7441/5.7499, and gained against the Japanese yen to 2.9480/2.9503 from 2.9631/2.9663.
The local note was also mostly higher against Asean currencies.
It bounced against the Philippine peso to 7.70/7.71 from 7.73/7.74, strengthened against the Thai baht to 13.0633/13.0813 from 13.0849/13.1043, and advanced against the Indonesian rupiah to 266.9/267.3 from 267.5/267.9.
However, the ringgit edged down against the Singapore dollar to 3.3158/3.3186 from 3.3148/3.3184 at the previous close. - FMT

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