Ringgit Snaps Four-day Gains To End Marginally Lower Vs US Dollar

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Dec 17 (Bernama) -- The ringgit snapped four consecutive days of gains to close slightly lower against the US dollar on Wednesday as some traders took profit.

At 6 pm, the ringgit inched down to 4.0855/0940 against the greenback, from 4.0835/0875 at yesterday’s close.

Bank Muamalat Malaysia Bhd chief economist, Dr Mohd Afzanizam Abdul Rashid, said the ringgit performed extremely well today, nonetheless, as it continued to gain against other currencies. “The ringgit appreciated against the Singapore dollar at the close today. The next data point will be the US consumer price index (CPI), which will be published tomorrow,” he told Bernama. 

Mohd Afzanizam noted that the ringgit hit 4.0795 in the early morning session against the US dollar, its strongest showing in nearly five years, as traders and investors digested the mixed signals from the US labour market data overnight.

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

It gained against the British pound to 5.4439/4553 from 5.4760/4813 at yesterday’s close, rose against the Japanese yen to 2.6267/6321 from 2.6372/6400, and edged up against the euro to 4.7866/7965 from 4.8014/8061.

The local currency traded mostly lower against ASEAN peers.

It appreciated against the Singapore dollar to 3.1614/1682 from 3.1657/1691, but weakened versus the Thai baht to 12.9657/9989 from 12.9532/9721, edged down against the Indonesian rupiah to 244.7/245.3 from 244.6/245.0 and dipped against the Philippine peso to 6.96/6.97 from 6.95/6.96 previously.

-- BERNAMA