Ringgit Closes Lower On Firmer Us Dollar Index

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KUALA LUMPUR: The ringgit closed marginally lower today on a firmer US Dollar Index (DXY) despite the sluggish US Manufacturing Purchasing Managers’ Index (PMI) data yesterday.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the markets were wary of what the US Federal Reserve (Fed) might say next week during its Federal Open Market Committee (FOMC) meeting on April 30 to May 1.
“Hence, the US Personal Consumption Expenditures (PCE) inflation data scheduled to be released on April 26 will be closely monitored,” Afzanizam told Bernama.
He noted that the US PMI data for manufacturing yesterday declined to below 50 points in April after remaining above 50 points in the past three months.
Meanwhile, SPI Asset Management managing director Stephen Innes said the PCE is considered the week’s major macro event for investors.
“This has limited the gains in the ringgit as the local currency trades off its strongest intraday level to stay flattish into the close,” he said.
At 6pm, the ringgit slightly eased to 4.7765/4.7780 against the greenback from yesterday’s closing of 4.7785/4.7820.
The ringgit was traded mostly lower against a basket of major currencies.
It rose slightly vis-a-vis the Japanese yen to 3.0830/3.0840 from 3.0863/3.0887 at yesterday’s close, depreciated versus the British pound to 5.9362/5.9381 from 5.9067/5.9110 and slid against the euro to 5.1046/5.1062 from 5.0944/5.0981 previously.
It also traded softer against Asean currencies.
The local currency slipped versus the Thai baht to 12.9004/12.9097 against 12.8887/12.9037 at yesterday’s close, fell against the Singapore dollar to 3.5090/3.5104 from 3.5066/3.5095, and was almost flat versus the Philippine peso at 8.30/8.31 from 8.31/8.32 previously.
The ringgit weakened vis-a-vis the Indonesian rupiah to 295.6/295.9 from 294.5/294.9 at yesterday’s close. - FMT

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