The Ringgit Remains Around RM4.72 To RM4.73 Against The USD This Week


The ringgit is expected to maintain its current range of between RM4.72 to RM4.73 against the US dollar this week.

According to Bank Muamalat Malaysia Bhd's Chief Economist, Mohd Afzanizam Abdul Rashid said the obstacles this week were the US jobs report and business sentiment.

He said, there are several employment reports such as JOLTS job opening offers and the NFP employment report which is expected to moderate to 198,000 in March from 275,000 in February.

For now, investors will be looking at data that will shape their views on the outlook for the US Fed's Reserve Fund Rate, particularly the timing of a rate cut.

Concerns in the market will ensure the US dollar remains well supported as Fed officials appear to be adamant on keeping rates higher to tame inflation.

At 9am this morning, the ringgit fell to 4.7235 against the US dollar from last Friday's close of 4.7215.

However, the ringgit is trading low against a group of major currencies.

It eased against the euro to 5.0976/1014 from 5.0907/0977 at last Friday's close and weakened against the British pound to 5.9681/9726 from 5.9548/9630 previously.

It also eased against the Japanese yen at 3.1203/1228 from 3.1194/1241 last Friday.

In addition, the ringgit is also mostly lower compared to ASEAN currencies.

It fell against the Thai baht to 12.9913/13.0063 from 12.9712/9983 last Friday and was also lower against the Indonesian rupiah at 297.8/298.2 compared to 297.7/298.2 previously.

The note eased against the Singapore dollar to 3.5036/5064 from 3.4987/5040 at the last close and was unchanged against the Philippine peso at 8.40/8.42.