KUALA LUMPUR – The ringgit was decrease towards the US greenback in early commerce as we speak because the buck had strengthened after the USA (US) introduced its gross home product (GDP) for the second quarter of 2023 (2Q 2023) final night time.
At 9 am, the native notice depreciated to 4.5490/5525 towards the buck in contrast with 4.5215/5260 at Thursday’s shut.
Financial institution Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid stated that the US information factors confirmed that its financial system remained resilient regardless of enduring large rate of interest hikes since final yr.
“Its 2Q 2023 GDP got here in increased at 2.4 per cent towards consensus estimates of 1.8 per cent, whereas its preliminary jobless claims additionally declined to 221,000 final week, which is decrease in contrast with the market’s expectation of 235,000.
“Consequently, the US Greenback Index rose by 0.88 per cent to 101.77 factors,” he instructed Bernama.
As such, Mohd Afzanizam expects the ringgit to vary between RM4.52 and RM4.53 as we speak as markets are nonetheless considering whether or not the US Federal Reserve would elevate its benchmark rate of interest additional following better-than-expected information.
Within the meantime, the native unit was traded largely increased towards a basket of main currencies.
It decreased towards the Japanese yen to 3.2619/2646 from 3.2285/2319 on Thursday, however strengthened versus the euro to 4.9948/9986 from 5.0374/0424, and firmed vis-a-vis the British pound to five.8186/8231 from 5.8685/8743 yesterday.
On the identical time, the native notice was traded largely decrease towards different Asean currencies.
The ringgit slid versus the Singapore greenback to three.4170/4198 from 3.4163/4200 on the shut on Thursday, fell towards the Indonesian rupiah to 303.2/303.6 from 301.3/301.8 and declined vis-a-vis the Philippines’ peso to eight.30/8.32 from 8.28/8.30 yesterday.
Nevertheless, it was increased towards the Thai baht to 13.1702/1861 from 13.2634/2829 beforehand. – BERNAMA