Focus

Ringgit ends slightly higher against US dollar

15 Sep 2023 07:14pm
Photo for illustrative purposes only.
Photo for illustrative purposes only.

KUALA LUMPUR - The ringgit ended the week slightly higher against the US dollar, supported by China’s latest better-than-expected economic data, which lifted ringgit and regional sentiments.

At 6pm, the local note rose to 4.6815/6845 against the United States (US) dollar from Thursday’s close of 4.6825/6850.

It was reported that China’s retail sales grew by 4.6 per cent last month compared to a year ago, while industrial production expanded 4.5 per cent.

Market sentiments also got a boost from China’s move late Thursday to cut its reserve requirement ratio by 25 basis points, injecting around US$69 billion (RM323 billion) to aid its economic recovery.

Meanwhile, Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid told Bernama that the ringgit’s weakness against the greenback is likely to resume as the US Federal Reserve is expected to maintain its restrictive monetary policy stance.

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

It appreciated against the Japanese yen to 3.1670/1693 from 3.1769/1789 at the close on Thursday, higher against the British pound to 5.8196/8233 from 5.8405/8436 yesterday and strengthened against the euro to 4.9919/9951 from 5.0234/0261 previously.

The local note also traded better against other Asian currencies.

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It improved vis-à-vis the Singapore dollar to 3.4350/4374 from 3.4402/4423 at Thursday’s close and slightly went up against the Philippines’ peso at 8.24/8.25 from 8.25/8.26 previously.

It was firmer against the Indonesian rupiah at 304.8/305.2 from 304.9/305.2 yesterday and increased against the Thai baht to 13.0681/0812 from 13.0792/0902 previously. - BERNAMA

ringgit
US dollar
fed
economic data
Mohd Afzanizam Abdul Rashid
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