Ringgit Weakens Against Us Dollar At The Close

By Siti Radziah Hamzah

KUALA LUMPUR, Jan 16 (Bernama) -- The ringgit eased against the US dollar at the close today on lack of buying momentum. 

At 6 pm, the ringgit depreciated to 4.5005/5050 against the greenback from Wednesday’s close of 4.4970/5010. 

SPI Asset Management managing partner Stephen Innes said after opening stronger due to the milder US’ Consumer Price Index print, the 3.0 per cent headline inflation has forex traders debating whether the United States Federal Reserve (Fed) could even consider rate cuts this year.

“Although bond and stock markets have recovered, the spillover to the forex market has been relatively weak.

“This muted response is likely tied directly to the ongoing Donald Trump tariffs threat on China, keeping forex traders in a state of flux,” he told Bernama.

Innes said the overarching question casting a shadow over the markets is whether Trump would embody the “Deal Maker in Chief” or revert to his “Tariff Man” persona.

“This uncertainty keeps traders vigilant, constantly assessing shifts in the policy landscape,” he added.

At the close, the ringgit was mostly higher against other major currencies. 

It advanced vis-a-vis the euro to 4.6283/6329 from Wednesday’s close of 4.6364/6405, appreciated against the British pound to 5.4888/4943 against 5.4949/4998 yesterday, but fell versus the Japanese yen to 2.8914/8945 from 2.8656/8685.   

Meanwhile, the local note was traded mixed against ASEAN currencies.

It depreciated against the Thai baht to 12.9941/13.0127 from 12.9503/12.9682 at the previous close and appreciated against the Indonesian rupiah at 274.7/275.2 from 275.4/275.8 on Wednesday.    

The ringgit appreciated against the Singapore dollar to 3.2906/2941 from 3.2909/2943 but was lower against the Philippine peso at 7.68/7.69 from 7.67/7.68.    

-- BERNAMA