Ringgit Closes Little Changed Against US Dollar

KUALA LUMPUR, Dec 27 (Bernama) -- The ringgit held steady against a strong US dollar, closing little changed from yesterday's level.

At 6 pm, the ringgit was trading at 4.4680/4750 against the greenback, slightly depreciating from 4.4670/4715 at Thursday's close. 

Continued optimism about interest rate cuts by the US Federal Reserve next year helped to lend some support to sentiment.

Recovery in the oil market after an earlier downtrend was also positive for the local unit.

Nevertheless, UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said market expectations of only two US rate cuts in 2025 amid robust US jobless claims data released last night continue to bolster the US dollar appearance.

SPI Asset Management managing partner Stephen Innes noted that historically, the US dollar tended to weaken at this time, but with President-elect Donald Trump’s tariffs on the horizon, there's an added layer of uncertainty.

“I expect Asian currencies, including the ringgit, to face a cautious week ahead in thin trading,” he said.

The ringgit closed mostly higher against other major currencies. 

It appreciated against the Japanese yen to 2.8300/8346 from Thursday’s close of 2.8373/8405, firmed against the British pound to 5.5904/5991 from 5.5967/6023 but was lower vis-a-vis the euro to 4.6543/6616 from 4.6448/6495.

The local note performed mixed against ASEAN currencies. 

It improved versus the Singapore dollar to 3.2846/2900 from 3.2875/2913 at the previous close and was higher against the Indonesian rupiah at 275.4/276.1 from 275.8/276.3.

It, however, weakened against the Thai baht to 13.1023/1289 from 13.0340/0543 and the Philippine peso to 7.72/7.74 from 7.70/7.71 previously.

-- BERNAMA