kuala lumpur: At the start of today’s trading, the ringgit depreciated against the US dollar, continuing its downward trend due to increased demand pressure against the dollar.
As of 8am, the ringgit had fallen to 4.4850/4950 ringgit against the US dollar from Thursday’s closing price of 4.4760/4810 ringgit.
As the new year begins, Stephen Innes, managing partner at SPI Asset Management, is initially concerned about the possibility of U.S. President-elect Donald Trump’s inauguration, which could cause all foreign exchange (FX) currencies in Asia to decline. He said traders’ positioning on certain tariffs is adding momentum to the US dollar.
He said the resilience of the U.S. economy suggests the Federal Reserve is likely to keep interest rates on hold in January.
“This expectation is exacerbating regional currency instability as market participants brace for the broader impact of US trade and monetary policy decisions on global currency trends,” Innes told Bernama. said.
Nevertheless, the ringgit traded higher against other major currencies.
Against the Japanese yen, it rose to 2.8498/8565 from Thursday’s closing price of 2.8546/8580, against the British pound it rose to 5.5520/5644 from the previous 5.5869/5932, and against the euro it rose from 4.6336/6387 to 4.6047/6150. The end of yesterday.
On the other hand, it has become easier to transact local banknotes with ASEAN currencies.
The exchange rate against the Singapore dollar rose to 3.2744/2822 from the previous close of 3.2859/2898, while the exchange rate against the Philippine peso fell slightly from 7.73/7.75 to 7.74/7.74.
The ringgit fell against the Thai baht to 13.0640/0756 from Thursday’s 13.0530/0744, and against the Indonesian rupiah it fell to 276.8/277.6, compared with 276.2/276.7 last time.
