Ringgit Reverses Recent Losses To Close Slightly Higher Vs US Dollar

By Nurul Jannah Kamaruddin

KUALA LUMPUR, Oct 4 (Bernama) -- The ringgit ended slightly higher at the close on Friday versus the US dollar, rebounding from recent losses.

It rose despite rising geopolitical risks in the Middle East and ahead of critical American non-farm payrolls (NFP) data later tonight which could dictate the path of US interest rates. 

At 6 pm, the local note stood at 4.2155/2240 against the US dollar compared to yesterday’s close of 4.2185/2250.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the conflict in the Middle East remains the key risk factor in the markets with the Brent crude oil price rising to US$78.3 per barrel.

“Apart from that, markets are awaiting the US non-farm payrolls (NFP) data tonight, which is expected to come in at 147,000 jobs in September from 142,000 in the prior month. A strong jobs data would mean the US Federal Reserve (Fed) may resort to a measured approach to monetary easing. In a nutshell, it’s dollar positive on two counts,” he told Bernama.

At the close, the ringgit was mostly lower against major currencies, except versus the euro, where it rose to 4.6484/6578 from 4.6555/6627 yesterday. It was lower versus the Japanese yen at 2.8779/8839 from 2.8711/8757 and edged down vis-a-vis the British pound to 5.5505/5617 from 5.5330/5415.

The local currency performed mixed against ASEAN currencies.

It was higher vis-a-vis the Singapore dollar at 3.2489/2557 from 3.2523/2575 at yesterday’s close and the Indonesian rupiah at 272.1/272.9 from 273.4/273.9.

The ringgit eased versus the Thai baht to 12.7549/7861 from 12.7270/7520 and was lower against the Philippine peso at  7.49/7.51 from yesterday’s close of 7.48/7.50.

-- BERNAMA