KUALA LUMPUR (Dec 12): The ringgit ended marginally lower against the greenback on Tuesday ahead of US inflation data for November later on Tuesday night, said an analyst.
At 6pm, the ringgit fell to 4.6830/6855 against the US dollar from Monday’s close of 4.6805/6850.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid noted that the ringgit appreciated against the US dollar in the early morning session to RM4.6765 before it weakened in the afternoon session to RM4.6847.
He said the announcement of the Malaysian Cabinet reshuffle has yet to have a positive impact on the ringgit as traders are focusing on the US Federal Open Market Committee (FOMC) meeting on Tuesday and Wednesday and the US inflation print later on Tuesday night.
“However, the changes to the Cabinet line-up should be positive for the currency market in the medium term as there should be more clarity on policy implementation and outcome,” he added.
At the close, the ringgit was weaker versus a basket of major currencies.
It dropped against the British pound to 5.8842/8873 from 5.8782/8839 at Monday’s close, decreased vis-a-vis the euro to 5.0548/0575 from 5.0414/0462 and weakened against the Japanese yen to 3.2212/2232 from 3.2034/2067 on Monday.
The ringgit also traded lower against other Asean currencies.
It went down versus the Philippine peso to 8.42/8.43 from Monday’s closing of 8.41/8.42, narrowed against the Indonesian rupiah to 299.7/300.1 from 299.6/299.9, and was lower versus the Singapore dollar at 3.4898/4920 compared with 3.4830/4866.
It slipped against the Thai baht to 13.1261/1390 from 13.1103/1306 at Monday’s close.
