RINGGIT CLOSES FIRMER AGAINST GREENBACK

By Kisho Kumari Sucedaram

KUALA LUMPUR, July 4 (Bernama) -- The ringgit continued to close higher against the greenback on Thursday as weak United States (US) economic data points resulted in emerging currencies, including the ringgit, appreciating against the US dollar, said an analyst. 

At 6 pm, the ringgit strengthened to 4.7080/7100 against the greenback compared with Wednesday's close of 4.7180/7210.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Rashid said the next hurdle is the US Nonfarm Payroll (NFP) which will be published on Friday.

“Consensus estimates have pegged the US NFP at 189,000 for June which is lower compared to 272,000 in May while unemployment in the US is likely to be sustained at 4.0 per cent,” he told Bernama.

Mohd Afzanizam noted that the ringgit has been testing to break the RM4.71 level.

“However, anticipation of a hawkish Federal Reserve has led the ringgit to remain trading in a tight range,” he added.

Meanwhile, the ringgit traded easier against a basket of major currencies.

The local note slid against the Japanese yen to 2.9195/9209 from Wednesday’s close of 2.9149/9169, and breached the RM6-level against the British pound, closing at 6.0022/0048 compared to 5.9895/9933 yesterday.

It also fell versus the euro to 5.0837/0859 from 5.0737/0770 previously.

The ringgit also closed mostly lower against its ASEAN peers, depreciating versus the Indonesian rupiah to 288.2/288.5 from 288.1/288.5 on Wednesday, slipping against the Singapore dollar to 3.4830/4848 from 3.4778/4803 yesterday and easing to 12.8483/8590 against the Thai baht versus 12.8346/8466 previously. 

The local note remained flat against the Philippines’ peso at 8.03/8.04.

-- BERNAMA