Ringgit Slips Further Versus Us Dollar


 

KUALA LUMPUR: The ringgit slipped further against the US dollar today as the greenback staged a rebound on firm economic data in the US and ahead of its inflation report in the middle of the week, analysts said.
At 6pm, the local note dropped to 4.4070/4.4120 versus the greenback from Friday’s closing rate of 4.3995/4.4035.
SPI Asset Management managing director Stephen Innes said the US dollar traded a little stronger on Monday, on the back of firm US non-farm payroll (NFP) data.
-ADVERTISEMENT-Ads by It was reported last Friday that the NFP increased by 236,000 jobs in March, just slightly below the market estimate of 240,000.
“Hence, US (bond) yields were slightly higher and that weighed on ringgit sentiment.
“This week the consumer price index (CPI) in the US could influence the US Federal Reserve’s (Fed) decision to hike at the May 3 meeting, so I think traders are a bit defensive ahead of that important inflation print,” he told Bernama.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid noted that the ringgit moved in a narrow range today, hovering around RM4.402 to RM4.411 against the greenback and was also mostly weaker against major currencies.
He also noted that the Singapore dollar appeared to be appreciating against the US dollar as the Monetary Authority of Singapore (MAS) is likely to tighten its grip on monetary policy by allowing further appreciation of the Singapore Dollar Nominal Effective Exchange Rate (SGDNEER) on April 14.
This has come as core inflation in Singapore was sustained at 5.5% year-on-year for two consecutive months in January and February, which was above the projected inflation rate by MAS at 3.5% to 4.5% for 2023.
The ringgit traded mostly lower against a basket of major currencies.
It decreased vis-a-vis the euro to 4.8063/4.8117 from 4.8016/4.8060 at last Friday’s close and eased versus the British pound to 5.4801/5.4863 from 5.4730/5.4780 previously, but appreciated against the Japanese yen to 3.3346/3.3386 compared with 3.3411/3.3443.
The ringgit also traded mostly lower against Asean currencies.
It weakened against the Philippine peso at 8.10/8.11 from 8.08/8.09 previously and fell versus the Singapore dollar to 3.3158/3.3200 from 3.3079/3.3114.
The local note was also lower compared with the Indonesian rupiah at 295.70/296.10 from 295.00/295.30 at last Friday’s close but went up against the Thai baht to 12.8338/12.8547 from 12.9090/12.9279 previously. - FMT


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