RINGGIT CLOSES MARGINALLY HIGHER VERSUS US DOLLAR

By Harizah Hanim Mohamed

KUALA LUMPUR, July 3 (Bernama) -- The ringgit closed marginally higher against the greenback on Wednesday as the US Dollar Index slipped slightly to 105.641 points following US Federal Reserve (Fed) chairman Jerome Powell's acknowledgement that the United States is back on a disinflationary trajectory.

At 6 pm, the ringgit climbed to 4.7180/7210 against the greenback compared with Tuesday's close of 4.7200/7225.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid noted that the market remains cautious ahead of the release of US employment data and the ISM non-manufacturing sector index later tonight, which will provide more clarity on the US interest policy stance. “On that note, the currency markets will remain guarded with the US dollar expected to be well supported,” he said.

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

The local currency appreciated further against the Japanese yen to 2.9149/9169  from 2.9195/9213 at Tuesday’s close, slipped vis-a-vis the British pound to 5.9895/9933 from 5.9628/9659 and weakened versus the euro to 5.0737/0770 from 5.0556/0583 previously.

The ringgit also closed easier against its ASEAN peers.

The local note was marginally lower against the Singapore dollar at 3.4778/4803 from 3.4737/4757 at yesterday’s close and fell to 12.8346/8466 from 12.8021/8141 against the Thai baht previously. 

It also eased against the Philippine peso to 8.03/8.04 from Tuesday’s close of 8.02/8.03 and declined versus the Indonesian rupiah to 288.1/288.5 from 287.8/288.1.

-- BERNAMA