Ringgit Undulating Since Week Open, Moving Between RM4.41 To RM4.42

thecekodok


The ringgit strengthened against the US dollar in early trade on Wednesday as the US Dollar Index (DXY) fell to 103.419 points from 103.900 points previously, despite stronger-than-expected US job openings in January.


At 9.30am, the ringgit was at 4.4200, down 0.23% against the US dollar from its close of 4.4100.


Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said US job openings rose to 7.74 million in January, beating the consensus estimate of 7.6 million, pushing US Treasury yields higher.


The two-year and 10-year yields rose six and seven basis points to 3.94 per cent and 4.28 per cent respectively.


He noted that global equities fell again as uncertainty over US tariffs caused traders and investors to hold back.


Therefore, tonight's US Consumer Price Index (CPI) data will be closely watched by traders.


Meanwhile, the ringgit was mostly lower against a basket of major currencies.


It rose against the Japanese yen to 2.9778/9830 from 2.9921/9974 at Tuesday's close but weakened against the British pound to 5.7068/7165 from 5.7035/7132 and depreciated against the euro to 4.8121/8203 from 4.8091/8173.


The ringgit was traded mixed against Asean currencies.


It fell against the Singapore dollar to 3.3127/3188 from Tuesday's close of 3.3118/3177 and depreciated against the Thai baht to 13.0679/0967 from 13.0415/0695.


However, it was unchanged against the Philippine peso and Indonesian rupiah, remaining at 7.70/7.72 and 268.7/269.3, respectively.

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