KUALA LUMPUR, Dec 27 — The ringgit rebounded to close higher against the US dollar on Wednesday as the greenback weakened due to a lack of major data, said an analyst.
At 6pm, the ringgit rose to 4.6275/6330 against the greenback from Tuesday’s close of 4.6340/6435.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said trading activities would remain lacklustre this week because of the lack of market-moving data and the holiday-shortened week.
“We opined that the ringgit against the US dollar is moving towards its immediate support level of RM4.5778 as the Federal Reserve is expected to ease its monetary policy in 2024,” he told Bernama.
The ringgit was traded mostly lower against a basket of major currencies.
It appreciated against the Japanese yen to 3.2453/249 from 3.2517/2586 at yesterday’s close.
The local note declined vis-à-vis the British pound to 5.8862/8932 from 5.8815/8935 on Tuesday and slipped versus the euro to 5.1152/1213 from 5.1044/1148 previously.
Against other Asian currencies, the ringgit appreciated marginally vis-à-vis the Singapore dollar to 3.5001/5045 from 3.5005/5082 at yesterday’s close and also against the Philippine peso to 8.31/8.33 from 8.37/8.39.
It declined against the Thai baht to 13.4559/4790 from 13.3962/4310 at yesterday’s close and depreciated against the Indonesia rupiah to 299.8/300.4 from 299.2/300.0 previously.
— Bernama
