Ringgit closes lower against US dollar

KUALA LUMPUR, March 10 — The ringgit closed slightly lower against the US dollar today, suggesting a tight-range mode as market players awaited the United States non-farm payrolls data tonight, in particular the average hourly earnings, said an analyst.

At 6pm, the local note fell to 4.5180/5220 versus the greenback compared to yesterday’s closing rate of 4.5170/5200. Bank Muamalat Malaysia Bhd head of economics, market analysis and social finance Dr Mohd Afzanizam Abdul Rashid said the average hourly earnings were expected to increase by 4.7 per cent year-on-year in February 2023 from 4.4 per cent in the preceding month.

“Higher wage growth would mean the US Federal Reserve is likely to tighten its grip on monetary policy which could possibly deliver a 50-basis point hike in the upcoming meeting on March 21-22,” he told Bernama.The local note depreciated versus the British pound to 5.4148/4196 from 5.3608/3643 at Thursday’s close and weakened vis-a-vis the euro to 4.7823/7865 from 4.7690/7722 previously. However, it rose against the Japanese yen to 3.3038/3070 from 3.3160/3184 yesterday.

However, it depreciated against the Thai baht to 12.8894/9064 from 12.8814/8962 previously and eased vis-a-vis the Philippine peso to 8.19/8.20 from 8.18/8.18. — Bernama

Source: News Formal (newsformal.com)

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