Wednesday, November 6, 2024
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Ringgit almost flat against US dollar at the close

BERNAMA – The ringgit ended almost flat against the greenback yesterday as the United States Federal Open Market Committee (FOMC) meeting minutes provided little clue about when a rate cut will happen.

At 6pm yesterday, the ringgit stood at 4.6330/6370 versus the US dollar from Wednesday’s close of 4.6300/6355.

Bank Muamalat Malaysia Bhd Chief Economist Mohd Afzanizam Abdul Rashid said the ringgit depreciated to as low as MYR4.6448 but stayed at the MYR4.6300 level towards the end of the session.

He said the FOMC minutes showed that the Federal Reserve is anticipated to cut the interest rate this year but might do it towards the end of 2024.

“The discrepancies between what the market thinks about the timing of a rate cut and the signal from the FOMC may cause further volatility in the currency markets,” he told Bernama.

Meanwhile, the ringgit was traded mixed against Asean currencies.

It fell against the Singapore dollar to 3.4903/4936 from 3.4885/4932 at yesterday’s close and depreciated vis-à-vis the Philippine peso to 8.35/8.36 from 8.33/8.34.

The local currency was flat versus the Indonesian rupiah to 299.0/299.4 from 299.0/299.5, while it rose against the Thai baht at 13.4500/4687 from 13.4824/5063.

PHOTO: ENVATO
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