kuala lumpur: Ringit closed a slightly lower closure against the US dollar against the US dollar on Friday as traders await US non-farm payroll (NFP) data tonight, analysts said.
At 6pm, the local memo was 4.2270/2360 against the greenback, relaxed from the end of 4.2245/2295 on Thursday.
Bank Muamarat Malaysia BHD Chief Economist Dr Mohd Afzanizam Abdul Rashid said DXY has scored 98.884 points as it is waiting for NFP data in May, with DXY waiting for NFP data tonight.
“The exchange of linggits vs. USD oscillates around and around RM4.23 today from RM4.22. Compared to yesterday, the linggits have depreciated slightly from RM4.2310 by 0.09%.
“The Ringgits were doing well this week as they scored 0.7%,” he told Bernama.
Meanwhile, Stephen Innes, managing partner at SPI Asset Management, said that Ringgit has gained stronger structural support as US-China tariff tensions have subsided and foreign capital continues to flow into Malaysia’s debt and foreign exchange deposits.
“The interest of foreign investors remains strong, and the weakness of linggits driven by the US dollar suggests that they are likely to attract buyers quickly,” he said.
In the end, the ringgits traded mostly higher against baskets of major currencies.
It rose to 2.9324/9390 against the Japanese yen from 2.9495/9531 on Thursday, thanking 5.7212/7334 to 5.7301/7369 compared to the British pound. However, the Ringit eased the euro from 4.8235/8292 to 4.8268/8371.
Local currency also traded mostly higher on most of its ASEAN peers.
It was bordered highly from 3.2881/2922 to 3.2862/2934 against the Singaporean dollar, earned from 12.9925/13.0138 to 12.9599/9947, and appeared from the Philippine Peso from 7.59/7.61 to 7.58/7.60.
However, it fell from 259.3/259.8 to 259.5/260.2 against Indonesian rupiah.
