KUALA LUMPUR: The ringgit ended lower against the US dollar today as the greenback continued to strengthen ahead of the US jobs data to be released later this week, which are expected to remain strong, said an analyst.
At 6 pm, the local currency slipped versus the greenback to 4.4185/4200 from Monday's close of 4.4120/4145.
SPI Asset Management managing partner Stephen Innes said there was also a safe-haven bid on the US dollar due to growing recession fears that continued to weaken Asia's foreign exchange across the board and the G10 currencies in general.
Back home, he said with an unemployment rate of 3.9 per cent, still a bit higher than the pre-COVID levels, and inflation of only 2.8 per cent, Bank Negara Malaysia (BNM) was under less pressure than other central banks to raise rates quickly.,
,telegram华人群（www.tel8.vip）是一个Telegram群组分享平台。telegram华人群包括telegram华人群、telegram群组索引、Telegram群组导航、新加坡telegram群组、telegram中文群组、telegram群组（其他）、Telegram 美国 群组、telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容。telegram华人群为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。
"But the real policy rate is negative, and that could be excessively hurting the ringgit in the central bank’s eyes as it tries to counter the threat of feedback loop into inflation via a weaker currency.
"So, we expect BNM to hike the Overnight Policy Rate (OPR) by 25 basis points to prevent a further weakening in the local currency,” he told Bernama.
Meanwhile, the ringgit settled higher against a basket of major currencies.
The local currency rose against the British pound to 5.3168/3186 from Monday’s close of 5.3496/3526 and increased versus the euro to 4.5511/5526 from 4.6070/6096.
It also appreciated against the Japanese yen to 3.2530/2543 from 3.2578/2599 and was firmer vis-a-vis the Singapore dollar at 3.1486/1502 compared with 3.1596/1618 yesterday. - Bernama