Ringgit Snaps Four-Day Winning Streak To Close Lower On Profit-Taking

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, Oct 3 (Bernama) -- The ringgit snapped its four-day uptrend to close marginally lower against the US dollar on Friday, as traders took profit amid the market uncertainty caused by the US government shutdown.

At 6 pm, the local note inched down to 4.2055/2125 against the greenback compared with Thursday’s close of 4.2040/2090.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said it remains to be seen how soon the US government shutdown will end, with the non-farm payrolls (NFP) data for September likely to be delayed. "This will result in lower visibility about the latest trend in the labour markets, which, to some degree, could complicate the US Federal Reserve’s (Fed) assessment," he told Bernama.

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

It increased versus the euro to 4.9360/9442 from 4.9410/9468 at Thursday’s close, gained vis-à-vis the British pound to 5.6577/6671 from 5.6741/6809, and appreciated against the Japanese yen to 2.8537/8586 from 2.8669/8705 previously.

The local note was traded mixed against ASEAN currencies.

It was up versus the Thai baht at 12.9807/13.0084 from 12.9829/13.0040 at yesterday's close and inched up vis-à-vis the Singapore dollar to 3.2621/2678 from 3.2665/2707 on Thursday.

However, it slid against the Indonesian rupiah to 253.9/254.4 from 253.2/253.6 yesterday and fell versus the Philippine peso at 7.26/7.28 compared with 7.23/7.25 previously.

-- BERNAMA