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Ringgit weakens against US dollar in early session on May 29

Publish date: Mon, 29 May 2023, 11:13 AM

KUALA LUMPUR (May 29): The ringgit weakened against the US dollar in the early session on Monday (May 29), amid the recent United States (US) debt ceiling impasse  

At 9.01am, the local note fell to 4.6160/6205 versus the greenback, compared to Friday’s closing of 4.5970/6035.

Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid said the indication from US  President Joe Biden and US House Speaker Kevin McCarthy suggests that the congressmen would agree on the terms on Wednesday.

On Friday (May 26), US Treasury secretary Janet Yellen indicated that the deadline for the debt limit expiry date had been extended to June 5.

“Market participants would remain guarded until the agreement on the debt ceiling has been achieved on Wednesday. The nonfarm payroll, which will be released on Friday, would also be closely monitored,” Mohd Afzanizam said. 

In the meantime, the ringgit was traded mostly lower against a basket of major currencies, except against the Japanese yen, wherein it rose to 3.2791/2825 from 3.2918/2967 at Friday’s closing. 

The ringgit declined against the euro to 4.9474/9523 from 4.9340/9409, and eased versus the British pound to 5.6975/7031 from 5.6819/6899 previously.

The local note was also traded mostly lower against other Asean currencies.

The ringgit rose slightly against the Thai baht at 13.2510/2697 from 13.2539/2784, but slipped against the Singapore dollar at 3.414/4150 from Friday’s 3.4012/4062. 

It declined against the Indonesian rupiah to 308.6/309.1 from 307.3/307.9, and depreciated against the Philippine peso at 8.26/8.28 from 8.24/8.25.

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