The Malaysian ringgit opened flat against the US dollar today, trading at 4.4450/4750 compared to Wednesday’s close of 4.4450/4495, despite a rise in the US dollar index (DXY). The DXY increased to 106.58 points following the release of the US Consumer Price Index (CPI), which met expectations. This was coupled with a drop in two-year US Treasury yields to 4.28%, as markets anticipate potential interest rate cuts at the US Federal Open Market Committee (FOMC) meeting in December.
Bank Muamalat Malaysia Bhd’s chief economist, Dr. Mohd Afzanizam Abdul Rashid, noted that while the DXY rose, reflecting investors’ preference for the US dollar, the ringgit could remain weak in the short term. However, the local currency strengthened against a number of major currencies. It appreciated against the British pound (5.6610/6864), Japanese yen (2.8642/8773), and euro (4.7058/7269).
In ASEAN currency trading, the ringgit rose against the Thai baht (12.7424/8073) and the Singapore dollar (3.3170/3321), but weakened against the Philippines peso (7.58/7.62) and Indonesian rupiah (282.2/283.6). Despite mixed movements across regional currencies, the overall performance of the ringgit reflects varying international and domestic economic factors.
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