Analysts say there is not much to support the ringgit at present, with the Fed set to raise interest rates and exports taking a hit this month. – The Malaysian Insight file pic, April 19, 2023.
THE ringgit ended marginally lower against the US dollar today, and is seen trapped in a sideways channel, Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said. At 6pm, the local note depreciated to 4.4385/4435 against the greenback from yesterday’s closing rate of 4.4315/4360. “There are not many supporting catalysts for the ringgit and at the same time, market sentiments are inclined towards the dollar as it seems to suggest that the Federal Reserve will deliver a 25-basis-point hike in the fund rate during the federal open market committee meeting in May.Meanwhile, the Ministry of Investment, Trade and Industry announced today that Malaysia’s exports fell 1.4% year-on-year in March after staging a strong growth of 9.8% in the preceding month.
Afzanizam said this indicates that Malaysia’s external sector is likely to remain soft and the domestic demand would have to do the heavy lifting in order to ensure the overall growth to reach the targeted growth of 4-5% this year.It edged up vis-a-vis the euro to 4.8508/8563 from 4.8631/8681 yesterday, it rose against the Japanese yen to 3.2919/2959 from 3.3046/3082 on yesterday’s close and it was unchanged versus the British pound at 5.5100/5162 from yesterday’s 5.5101/5157.
Source: Loan Digest (loandigest.net)
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