By Abdul Hamid A Rahman
KUALA LUMPUR, May 28 (Bernama) -- The ringgit marginally depreciated against the US dollar on Wednesday, weighed down by a firmer greenback following an improvement in United States consumer confidence and persistent concerns over global tariff developments.
At 8.05 am, the ringgit slid to 4.2350/2500 against the US dollar compared with Tuesday’s close of 4.2345/2430.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) rose 0.59 per cent to 99.521 points last night, reflecting a modest recovery despite remaining below the 100-point level.
“The uptick tracked the latest US Conference Board Consumer Confidence Index, which climbed to 98 points – largely driven by stronger stock market performance since early April and easing gasoline prices,” he told Bernama.
Analysts remain cautious, nevertheless, he said.
At yesterday’s close, the local note slipped 0.47 per cent to RM4.2388 versus the US dollar from RM4.2190 previously, because some traders opted to lock in profits.
“Despite the rebound in confidence, the US economy still faces downside risks, particularly from inflationary pressure linked to tariff policies.
“Given the firmer dollar and lingering external uncertainties, the ringgit is expected to remain under pressure, trading within a narrower band of RM4.22 to RM4.23 today,” he added.
The ringgit traded higher against a basket of major currencies.
It rose against the Japanese yen to 2.9391/9500 from 2.9425/9486, improved vis-à-vis the euro to 4.8012/8182 from 4.8053/8150, and appreciated against the British pound to 5.7228/7430 from 5.7352/7467 previously.
The local note traded mixed against its ASEAN peers.
It rose against the Singapore dollar to 3.2870/2989 from 3.2894/2963, but fell against the Thai baht to 12.9471/13.0025 from 12.9365/9676 at yesterday’s close.
The ringgit was flat against the Philippine peso at 7.62/7.65 from 7.62/7.64 previously. It was also flat against the Indonesian rupiah at 259.9/261.0 from 259.9/260.6.
-- BERNAMA
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