RINGGIT ENDS FLAT VERSUS US DOLLAR

By Rosemarie Khoo

KUALA LUMPUR, June 24 (Bernama) -- The ringgit ended flat against the US dollar today after trading in a narrow range throughout the day, said an analyst. 

At 6 pm, the ringgit was trading at 4.7110/7150 versus the greenback compared with last Friday’s close of 4.7110/7145.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that overall, the US dollar is likely to stay resilient with the US Dollar Index (DXY) continuing to hover above 105 points. 

The US Federal Reserve (Fed) has signaled a more hawkish stance with an interest rate increase on the horizon.

He said this has increased demand for the US dollar as higher interest rates attract more investors seeking better returns. 

 On Thursday, the final estimate for the United States gross domestic product (GDP) for the first quarter of 2024 would be announced. Consensus estimates pegged the GDP growth at 1.3 per cent, which is similar to the second estimate released by the Bureau of Economic Analysis.

Meanwhile, an analyst said the higher Brent crude oil prices may have lent some support for the ringgit due to the country’s status as a net exporter of oil and gas. 

As at 6.24 pm, benchmark Brent crude was 0.42 per cent higher at US$85.60 per barrel. 

Meanwhile, the ringgit closed mostly lower against a basket of major currencies.

It appreciated against the Japanese yen to 2.9508/9535 from Friday’s close of 2.9648/9671, but fell vis-a-vis the British pound to 5.9679/9730 from 5.9594/9638 previously, and declined versus the euro to 5.0511/0554 from 5.0394/0431.

The ringgit was also mostly weaker against its ASEAN peers.

It rose versus the Thai baht to 12.8383/8541 from 12.8495/8639 on Friday.

However, the local currency slid against the Singapore dollar to 3.4811/4843 from 3.4785/4814 at the end of last week, fell vis-a-vis the Indonesian rupiah to 287.3/287.7 from 286.3/286.7 previously, and eased against the Philippine peso to 8.01/8.02 from 8.00/8.02.

-- BERNAMA