The ringgit closed lower against the US dollar
KUALA LUMPUR: The ringgit closed slightly lower against the United States (US) dollar today after trading in a small range throughout the day, said an analyst.
Bernama reported, at 6pm yesterday, the ringgit traded at 4.7110/7150 against the US dollar from a closing level of 4.7110/7145 on Friday last week.
Bank Muamalat Malaysia Bhd Chief Economist, Dr Mohd Afzanizam Abdul Rashid, told Bernama that the US dollar is expected to continue to strengthen with the US Dollar Index (DXY) remaining above 105 points.
The US Federal Reserve (Fed) has hinted that it will continue to maintain its current rate and there is a possibility that interest rates will be raised soon.
He said this has increased demand for the US dollar as high interest rates attract more investors who want better returns.
On Thursday, US Gross Domestic Product (GDP) figures for the first quarter of 2024 will be released with the consensus projecting GDP growth at 1.3 percent, the same as the second projection released by the Bureau of Economic Analysis.
Meanwhile, an analyst said higher Brent crude oil prices may provide some support to the ringgit due to the country’s status as a net exporter of oil and gas.
At 6.24pm, benchmark Brent crude rose 0.42 percent to US$85.60 a barrel.
Meanwhile, the ringgit closed mostly lower against other major currency groups.
The local unit rose against the Japanese yen to 2.9508/9535 from Friday’s close of 2.9648/9671 last week but eased against the British pound to 5.9679/9730 from 5.9594/9638 and eased against the euro to 5.0511/0554 from 5.0394/0431.
The ringgit closed mostly lower against the currencies of other ASEAN countries.
The local unit rose against the Thai baht to 12.8383/8541 from a close of 12.8495/8639 on Friday last week.
However, the ringgit eased against the Singapore dollar to 3.4811/4843 from a close of 3.4785/4814 on Friday last week, fell against the Indonesian rupiah to 287.3/287.7 from 286.3/286.7 and fell against the Philippine peso to 8.01/8.02 from 8.00/8.02.