Ringgit Ends Marginally Lower Against Greenback On Stronger US Dollar Index
By Danni Haizal Danial Donald
KUALA LUMPUR, June 6 (Bernama) -- The ringgit closed marginally lower against the US dollar on Friday, amid a stronger US Dollar Index (DXY) as traders await US Nonfarm Payroll (NFP) data tonight, said an analyst.
At 6 pm, the local note stood at 4.2270/2360 against the greenback, easing from Thursday’s close of 4.2245/2295.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the DXY gained 0.14 per cent to 98.884 points as the markets await the NFP data tonight, expecting payrolls to increase by 126,000 in May, down from 177,000 in the previous month.
“The ringgit versus the US dollar exchange oscillates around RM4.22 to RM4.23 today. Compared to yesterday, the ringgit depreciated slightly by 0.09 per cent to RM4.2310.
“This week, the ringgit has performed well as it has gained 0.7 per cent,” he told Bernama.
Meanwhile, SPI Asset Management managing partner Stephen Innes said as US-China tariff tensions subside and foreign capital continues to flow into Malaysian debt and foreign exchange deposits, the ringgit is gaining stronger structural support.
“Foreign investor interest remains strong, suggesting that any ringgit weakness driven by the US dollar is likely to attract buyers swiftly,” he said.
At the close, the ringgit traded mostly higher against a basket of major currencies.
It rose against the Japanese yen to 2.9324/9390 from Thursday’s 2.9495/9531 and appreciated versus the British pound to 5.7212/7334 from 5.7301/7369. However, the ringgit eased vis-a-vis the euro to 4.8268/8371 from 4.8235/8292.
The local currency also traded mostly higher against most of its ASEAN peers.
It edged higher versus the Singapore dollar to 3.2862/2934 from 3.2881/2922, gained against the Thai baht to 12.9599/9947 from 12.9925/13.0138 and inched up vis-a-vis the Philippine peso to 7.58/7.60 from 7.59/7.61.
However, it fell against the Indonesian rupiah to 259.5/260.2 from 259.3/259.8.
-- BERNAMA