KUALA LUMPUR, Feb 10 — The ringgit extended its downtrend against the US dollar at the close on Friday attributed to the ongoing hawkish pushback from Federal Reserve (Fed) members on any hopes for an interest rate cut in 2023, said an analyst.
At 6pm, the ringgit ended the day at 4.3320/3350 against the greenback from Thursday’s close of 4.3140/3185.
SPI Asset Management managing director Stephen Innes said the Fed moves are supporting the US dollar while negatively impacting global risk sentiment.
“It's arguably the worst combination for the ringgit. Hence, the ringgit trades weaker,” he told Bernama.
Meanwhile, the ringgit traded mostly lower against a basket of major currencies.
The local note inched down against the Singapore dollar to 3.2635/2663 from Thursday’s close of 3.2627/2664, weakened vis-a-vis the Japanese yen to 3.3089/3114 from 3.2967/3006 and depreciated against the British pound to 5.2404/2440 from 5.2381/2435.
However, the local note strengthened versus the euro to 4.6391/6424 from 4.6432/6480.
— Bernama
