Ringgit falls against US dollar as global investors turn cautious
The currency strengthened against the euro and British pound, while its performance against ASEAN currencies was mixed.
Malaysia’s ringgit weakened to 4.0565/0610 per US dollar at 6pm, compared with 4.0445/0490 at the preceding close, as global markets faced renewed selling in semiconductor stocks.
Investors’ caution amid greater market uncertainty weighed on the currency, SPI Asset Management managing partner Stephen Innes told Bernama. He said demand for the US dollar as a haven against currencies including the euro and Australian dollar was extending to Asian currencies.
Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, said worries over artificial intelligence investment appeared to be dominating financial markets. Investors were also awaiting US nonfarm payroll data, with consensus expectations of 65,000 jobs created in October against 29,000 in September, he said.
The ringgit advanced against the euro, reaching 4.5315/5365 compared with 4.5428/5478, and against sterling, at 5.4304/4365 versus 5.4455/4516. It lost ground to the Japanese yen, moving to 2.5616/5646 from 2.5548/5578.
Within ASEAN, the ringgit strengthened to 3.1657/1694 against the Singapore dollar from 3.1679/1717. Its Thai baht rate improved to 12.0898/1105 from 12.1013/1199. It weakened against the rupiah, at 224.2/224.6 versus 223.6/224.0, and the Philippine peso, at 6.43/6.44 against 6.42/6.43.
