The ringgit closed weak at RM4.65 per US dollar

 

KUALA LUMPUR: The ringgit closed lower against the United States (US) dollar on Friday following the narrative of higher interest rates for a longer period expected to last.

At 6pm, the ringgit eased to 4.6525/6580 against the US dollar from 4.6330/6370 when it closed on Thursday.

Bank Muamalat Malaysia Bhd's Chief Economist, Dr Mohd Afzanizam Abdul Rashid, said the ringgit weakened against the US dollar today as the US labor market showed signs of strength, signaling a higher and longer narrative for interest rates may continue.

"This matter was added when the minutes of the US Federal Reserve's Open Market Committee meeting showed that the US Federal Reserve (Fed) is expected to reduce rates until the end of 2024," he said.

Meanwhile, the ringgit is trading higher compared to several major currencies.

The domestic unit rose against the British pound to 5.8891/8961 from 5.8964/9015 at Thursday's close, as well as firmer against the euro to 5.0763/0823 from 5.0829/0873.

The ringgit was higher against the Japanese yen to 3.2038/2078 from 3.2185/2215 yesterday.

In the meantime, the ringgit is traded mostly low compared to the currencies of ASEAN countries.

The local currency was lower against the Singapore dollar to 3.4944/4988 from 3.4903/4936 at yesterday's close, and down against the Philippine peso to 8.37/8.38 from 8.35/8.36.

The ringgit fell against the Indonesian rupiah to 299.8/300.3 from 299.0/299.4 while it rose against the Thai baht to 13.4001/4236 from 13.4500/4687.

-- BERNAMA