Categories: MoneyNews

Ringgit retreats as US dollar strengthens

KUALA LUMPUR – The ringgit depreciated as the US dollar regained its strength amidst the European Central Bank (ECB) and Bank of England’s (EoB) dovish tone on inflation.

At 9 am, the ringgit eased to 4.2580/2640 against the greenback from Thursday’s close of 4.2445/2490.

Yesterday, both the ECB and the BoE announced interest rate hikes of 50 basis points.

“The US dollar is higher today as both the ECB and BoE were net dovish to expectations.

“While the broader stronger greenback is an overhang, the predominant theme currently impacting Asian currencies is the uncertainty over the near-term economic outlook in China amid stretched positioning,” said SPI Asset Management managing partner Stephen Innes.

In a note to Bernama, he said that the weaker China Caixin manufacturing purchasing managers index (PMI) early this week rocked the recovery boat a touch this week.

The Caixin PMI index reading remained below 50 at 49.2 in January compared to December’s 49.0.

Meanwhile, the ringgit traded mostly higher against a basket of major currencies except for the Japanese yen, where it had depreciated to 3.3098/3147 from 3.2924/2961 at Thursday’s close.

The local note rose against the Singapore dollar to 3.2474/2525 from Thursday’s closing of 3.2498/2534, improved vis-a-vis the British pound to 5.1986/2059 from 5.2381/2437 and was better against the euro at 4.6395/6461 from 4.6685/6735 previously. – Bernama / pic Muhd Amin Naharul


Recent Posts

Andrew Tate moved from detention to house arrest in Romania

BUCHAREST, Romania | Controversial influencer Andrew Tate and his brother were released on Friday after…

21 mins ago

Verstappen on pole in Australia as Mercedes bounce back

MELBOURNE – Double world champion Max Verstappen claimed pole on Saturday for the Australian Grand…

33 mins ago

AirAsia X set to benefit from regional airlines pulling out of Queensland route

GOLD COAST (AUSTRALIA) – AirAsia X (AAX), a medium-haul low-cost airline, is expecting to benefit…

39 mins ago

The pianist who’s been playing for more than 100 years

PARIS – Colette Maze has been playing piano for more than a century, and is…

2 hours ago

Dissenting judge says order of acquittal, discharge should be given to Najib

PUTRAJAYA – The previous panel of the Federal Court was likely to be unfair to…

2 hours ago

Malaysia secures a record RM170b worth of investment commitment from China – PM Anwar

BEIJING – Malaysia has secured a record RM170 billion worth of investment commitment from China.…

3 hours ago