KUALA LUMPUR: The ringgit started weaker against the US dollar due to the weakening Chinese yuan, said an analyst.
By 9 am, the local currency traded at 4.5545/5585 against the greenback, compared to 4.5375/5420 from the previous day’s closing.
The market was closed on Wednesday for the Awal Muharram celebration.
Stephen Innes, the managing director of SPI Asset Management, told Bernama that the ringgit should benefit from the decline in US Treasury yield and easing inflation.
However, the ringgit’s performance is greatly influenced by the movement of the yuan and the negative sentiment surrounding China’s growth, he stated.
Meanwhile, the ringgit traded mostly higher against major currencies.
It strengthened against the British pound, rising to 5.8967/9019 from 5.9450/9509 from the previous day’s closing. It also improved against the Japanese yen to 3.2672/2703 from 3.2835/2870, but decreased against the euro to 5.1092/1137 from 5.1038/1088.
On the other hand, the local currency mostly weakened against other ASEAN currencies.
It slightly declined against the Singapore dollar to 3.4394/4427 from 3.4346/4383 at the previous day’s closing, and also dropped against the Thai baht to 13.4212/4394 from 13.2586/2768. It remained unchanged against the Philippines’ peso at 8.34/8.36 and depreciated against the Indonesian rupiah to 303.6/304.0 from 302.5/302.9 on Tuesday. – Bernama
Credit: The Star : Business Feed
