Ringgit edges lower against US dollar but gains against major currencies
The Malaysian currency also rose against most ASEAN peers as markets awaited the US Federal Open Market Committee’s policy decision.
Malaysia’s ringgit finished trading on October 27 weaker against the US dollar, while gaining against the pound, yen and euro. At 6pm, the dollar exchange rate stood at 4.0865/0900, compared with the previous close of 4.0855/0895.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said trading took place ahead of the US Federal Open Market Committee’s monetary policy decision. He told Bernama that the ringgit had remained relatively stable despite increased uncertainty.
He said Brent crude at around US$116 per barrel posed a risk of higher inflation that could influence the committee’s policy stance.
The ringgit’s closing rates against major currencies, compared with their previous closes, were:
- British pound: 5.4412/4458, versus 5.4517/4570.
- Japanese yen: 2.5903/5927, versus 2.5961/5988.
- Euro: 4.5524/5563, versus 4.5774/5819.
Among ASEAN currencies, the ringgit strengthened against the Singapore dollar, Indonesian rupiah and Philippine peso, but lost ground against the Thai baht:
- Singapore dollar: 3.1883/1913, versus 3.1920/1954.
- Indonesian rupiah: 225.0/225.3, versus 225.3/225.5.
- Philippine peso: 6.36/6.37, versus 6.39/6.40.
- Thai baht: 12.1010/1160, versus 12.0766/0930.
