Hello and welcome to the details of Ringgit closes higher as greenback reverses with lower US CPI and now with the details
Nevin Al Sukari - Sana'a - At 6 pm, the ringgit rose to 4.6695/6755 against the greenback from today’s close of 4.7165/7210. — Reuters pic
KUALA LUMPUR, Nov 15 — The ringgit closed higher against the US dollar today as the greenback retreated after lower-than-expected United States (US) Consumer Price Index (CPI) data reinforced expectations that the Federal Reserve (Fed) is done hiking interest rates, a dealer said.
At 6 pm, the ringgit rose to 4.6695/6755 against the greenback from today’s close of 4.7165/7210.
Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid said the ringgit went up to as high as RM4.6565 against the US dollar before settling at RM4.6695 today.
He said the local currency is lingering close to its immediate support level at RM4.6611.
Advertisement
“Beyond this point, the next support level would be at RM4.5778. We believe there is scope for further ringgit appreciation.
“However, the upcoming Federal Open Market Committee (FOMC) meeting on Dec 12-13 will be closely monitored as markets are in search for more clues on the future path of interest rates,” he told Bernama.
He pointed out that thus far yields on short-dated securities such as the 3-month and 2-year US Treasuries are stubbornly higher at 5.37 per cent and 4.84 per cent, respectively, compared to 4.44 per cent for the 10-year Treasury.
Advertisement
“Bond markets are still not convinced that the Fed would pivot anytime soon as short term rates always reflect central bank’s actions. Therefore, December’s FOMC would be the key event to look at to gauge 2024 US interest rates,” he added.
At the close, the ringgit was traded mostly lower versus a basket of major currencies.
It advanced against the Japanese yen to 3.1049/1091 from 3.1091/1123 at Tuesday’s close, eased against the euro to 5.0669/0734 from 5.0570/0619 previously, and fell vis-a-vis the British pound to 5.8187/8261 from 5.8032/8087.
The local currency ended mixed against other Asean currencies.
It appreciated against the Singapore dollar to 3.4615/4662 from 3.4675/4713 on Tuesday and was higher against the Philippine peso at 8.36/8.38 from 8.41/8.42 previously.
However, the ringgit weakened against the Thai baht to 13.1713/1935 from 13.0760/0946 yesterday and eased vis-a-vis the Indonesian rupiah to 300.5/301.1 from 300.4/300.9. — Bernama
These were the details of the news Ringgit closes higher as greenback reverses with lower US CPI for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Malay Mail and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
