The ringgit fell slightly against the US dollar at the close
BERNAMA
30/08/2024
At 6pm, the local currency fell to 4.3185/3225 against the US dollar from 4.3080/3140 at Thursday's close. - Image file/Bernama
KUALA LUMPUR: The ringgit fell slightly at the close on Friday after recording consecutive increases over the past few days, following consolidation and profit taking.
At 6pm, the local currency fell to 4.3185/3225 against the US dollar from 4.3080/3140 at Thursday's close.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the ringgit performed well in August due to high confidence among foreign investors.
"A better revaluation from major global investment banks also contributed to more inflows into the equity market, showing that demand for the ringgit is increasing," he told Bernama.
SPI Asset Management Managing Partner Stephen Innes said that the United States (US) personal consumption expenditure data will be released tonight but is not expected to trigger a real change in the US dollar.
"Following the announcement of US non-farm payrolls data and the upcoming US Labor Day long weekend, some consolidation is expected," he said.
The ringgit traded mostly lower against a basket of major currencies at Friday's close.
The local currency rose against the Japanese yen to 2.9754/9784 from 2.9811/9855 yesterday but eased against the euro to 4.7862/7906 from 4.7789/7855 previously and slipped against the British pound to 5.6939/6992 from 5.6835/6915.
The ringgit also traded mostly low against ASEAN currencies.
It was little changed against the Indonesian rupiah to 279.3/279.8 from 279.3/279.7 at Thursday's close.
However, the local currency eased against the Singapore dollar to 3.3158/3191 from 3.3118/3167 yesterday, eased against the Thai baht to 12.7540/7726 from 12.6911/7155 previously and was lower against the Philippine peso to 7.69/7.70 from 7.65/7.67
