Ringgit slides as cautious markets await key US economic data

KUALA LUMPUR, June 30 — The ringgit closed lower against the US dollar today as market participants stayed cautious ahead of key United States economic data due later tonight.

At 6pm, the local note depreciated to 4.0825/0870 versus the greenback from 4.0680/0735 at yesterday’s close.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the key US data points to watch for tonight are the Job Openings and Labor Turnover Survey (JOLTS) and the Conference Board Consumer Confidence Index.

“The US dollar has been well supported, with the US Dollar Index (DXY) rising 0.23 per cent to 101.338 points,” he told Bernama.

Mohd Afzanizam said the ringgit had strengthened against the US dollar in the earlier part of the day to the RM4.04 level before retreating to around RM4.08.

At the close, the ringgit fell against a basket of major currencies.

It eased versus the British pound to 5.4036/4096 from 5.3767/3839 at Monday’s close, slid against the euro to 4.6528/6580 from 4.6383/6446 yesterday, and weakened vis-a-vis the Japanese yen to 2.5154/5183 from 2.5128/5164 previously.

The local note performed mixed against regional currencies.

It slipped versus the Singapore dollar to 3.1532/1570 from 3.1445/1490 yesterday and decreased against the Thai baht to 12.2874/3084 from 12.2199/2412. 

However, the ringgit was almost unchanged versus the Indonesian rupiah at 227.9/228.3 compared with 227.8/228.3 at yesterday’s close, and with the Philippine peso at 6.65/6.67 compared with 6.65/6.66 previously. — Bernama