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15 September 2024
Ringgit breaches 4.30 level against US dollar, hits 20-month high
Ringgit breaches 4.30 level against US dollar, hits 20-month high
Bernama
13/09/2024
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit performed favourably today. - REUTERS/Filepic
KUALA LUMPUR: The ringgit breached the RM4.30 level today, hitting a 20-month high against the US dollar, as traders expect the United States Federal Reserve (Fed) to cut interest rates between 25 and 50 basis points, said an economist.
At 6 pm, the local note appreciated to 4.2975/3050 versus the greenback from yesterday's close of 4.3330/3370.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit performed favourably today, piercing its immediate support level of RM4.3259 and the next support level is located at RM4.2128.
"The market appears to be expecting a Fed rate cut of between 25 and 50 basis points. Judging from the interest futures contract, it seems that the Fed might be inclined to deliver a 50 basis points reduction which would bring the Fed Fund Rate from 5.50 per cent to 5.00 per cent.
"This would effectively narrow the gap with Malaysia's 3.00 per cent overnight policy rate," he told Bernama.
Meanwhile, SPI Asset Management managing director Stephen Innes said the ringgit strengthened as markets edge closer to the Fed's much-anticipated rate cut, riding the wave of a broadly weaker dollar.
"The chances of a more aggressive move by the Fed next week have increased, driven by cooling inflation trends and former New York Fed president Bill Dudley who suggested that now is the time for the Fed to shift from a data-dependent stance to a more forward-looking approach.
"This shift in sentiment has pushed the odds of a 50 basis points cut higher, prompting a sell-off in the dollar, which in turn has benefited regional currencies like the ringgit," he said.
At the close, the ringgit was traded mostly higher against a basket of major currencies.
It edged up versus the euro to 4.7664/7747 from 4.7724/7768 at Thursday's close, gained against the British pound to 5.6439/6538 from 5.6550/6602 previously, but weakened vis-a-vis the Japanese yen to 3.0570/0625 from 3.0364/0395.
The ringgit also traded mostly higher against ASEAN currencies.
It improved vis-a-vis the Singapore dollar to 3.3098/3159 from 3.3190/3224 yesterday, rose against the Indonesian rupiah to 278.9/279.6 from 280.6/281.0, and increased against the Philippine peso to 7.67/7.69 from 7.71/7.73, but fell versus the Thai baht to 12.8907/9190 from 12.8351/8527 previously.
-- BERNAMA
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