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Ringgit ends week lower against US dollar

Publish date: Fri, 01 Dec 2023, 09:25 PM

KUALA LUMPUR (Dec 1): The ringgit closed 0.26% lower against the US dollar on Friday, as the local currency struggled to go beyond the immediate support level of 4.6611 after breaching it this week, said Bank Muamalat Malaysia chief economist and social finance head Mohd Afzanizam Abdul Rashid.

At 6pm, the ringgit fell to 4.6710/6760 against the greenback from Thursday’s close of 4.6590/6635.

“Talks of a possible interest rate cut by the US Federal Reserve has gained momentum with the US Core PCE (Personal Consumption Expenditure) continuing to slide to 3.4% in October from 3.7% in the preceding month.

“However, the US labour market continues to remain healthy with Jobless Claims lower than expected last week at 218,000 (Consensus: 220,000),” he told Bernama.

At the close, the ringgit was traded mixed versus a basket of major currencies.

It appreciated further vis-a-vis the euro at 5.0900/0954 from 5.0918/0967 at Thursday’s close and rebounded against the Japanese yen to 3.1591/1627 from 3.1601/1634 previously.

The local note was easier against the British pound at 5.9168/9231 from 5.8941/8998 on Thursday.

Meanwhile, the local note weakened against other Asean currencies.

It was lower versus the Singapore dollar at 3.4973/5016 from 3.4883/4920 on Thursday, declined against the Thai baht to 13.3301/3505 from 13.2335/2546, and was marginally lower against the Indonesian rupiah at 301.5/302.1 from 300.3/300.8.

The local unit fell versus the Philippine peso to 8.43/8.44 from 8.39/8.41 on Thursday.

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