Perak MSMEs record RM26m Ringgit rises against US dollar potential export sales last year as traders trim positions

ringgit continued its upward momentum to close higher against the US dollar yesterday as traders trimmed their positions on the greenback ahead of the US Personal Consumption Expenditures (PCE) Price Index, scheduled this Friday.

At 6pm, the ringgit rose to 4.7109/7220 against the greenback from Monday’s close of 4.7205/7270.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the local currency was well supported against the greenback yesterday, reaching the 4.7100 level.

He said the US dollar Index was also leaning on the lower side, declining by 0.09% to 104.134 points.

On Monday, the Federal Reserve Bank of Atlanta president Raphael Bostic maintained his position that there could be one rate cut this year, adding further ambiguity to the market direction.

At the close, the ringgit was traded weaker against a basket of major currencies.

It depreciated against the euro to 5.1225/1257 from Monday’s close of 5.1066/1137 and also against the British pound to 5.9733/9771 from 5.9549/9631.

The ringgit was also lower vis-a-vis the Japanese yen to 3.1194/1216 from 3.1185/1230 on Monday.

Meanwhile, the ringgit traded lower against other Asean currencies.

It slipped versus the Thai baht at 13.0021/0151 from 12.9627/9866 and was flat vis-a-vis the Indonesian rupiah to 298.7/299.1 from 298.7/299.3.

The local unit also fell against the Singapore dollar to 3.5112/5137 from 3.5060/5111 and against the Philippine peso, it declined to 8.38/8.38 from 8.37/8.39 previously. – Bernama