Ringgit Takes A Breather Against Us Dollar

By Siti Radziah Hamzah

KUALA LUMPUR, Aug 30 (Bernama) -- The ringgit took a breather against the US dollar today as consolidation and profit-taking set in. 

At 6 pm, the local currency fell to 4.3185/3225 versus the greenback from Thursday’s close of 4.3080/3140.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit has performed well in August in light of higher conviction among the foreign investors.

“Better reviews from the major global investment banks have also resulted in more inflows into the equity market, indicating that demand for the ringgit is on the rise,” he told Bernama.

SPI Asset Management managing partner Stephen Innes said the United States personal consumption expenditures data would be released tonight but it is unlikely to be a real game-changer for the greenback. 

"With the US non-farm payrolls on the horizon and the US Labour Day long weekend around the corner, some consolidation is par for the course," he added.

The ringgit traded mostly lower against a basket of major currencies at Friday’s close.

The local currency rose versus the Japanese yen to 2.9754/9784 from 2.9811/9855 yesterday, but eased vis-a-vis the euro to 4.7862/7906 from 4.7789/7855 previously and weakened against the British pound to 5.6939/6992 from 5.6835/6915.  

The ringgit also traded mostly lower against ASEAN currencies.

It was little changed versus the Indonesian rupiah to 279.3/279.8 from 279.3/279.7 at Thursday’s close. 

However, the local note slipped against the Singapore dollar to 3.3158/3191 from 3.3118/3167 yesterday, depreciated vis-a-vis the Thai baht to 12.7540/7726 from 12.6911/7155 previously, and edged down versus the Philippine peso to 7.69/7.70 from 7.65/7.67. 

-- BERNAMA