Ringgit ends higher, tracking the positive equity market
KUALA LUMPUR: The ringgit ended higher against the US dollar today, tracking the positive sentiment on the equity market, analysts said.

At 6 pm, the ringgit rose to 4.7765/7820 against the greenback compared to Thursday’s close of 4.7800/7850.

Bursa Malaysia closed higher, with the key index rising 0.34 per cent, buoyed by fresh foreign funds as well as late buying support from local funds.

SPI Asset Management managing director Stephen Innes said the ringgit received some minor support from positive risk sentiment and stable-to-higher oil prices throughout the Asia session.

"However, gains were capped ahead of the United States (US) Producer Price Index (PPI) inflation report tonight.

"Given the print implications for the Federal Reserve's preferred inflation gauge, it is a closely watched indicator," he told Bernama.

Likewise, Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit has gained some lost ground against the US dollar, gaining about 0.12 per cent today.

As for the fourth quarter of 2023 (4Q 2023) gross domestic product (GDP) announcement, he noted the data showed that the Malaysian economy was susceptible to weakening global demand.

Malaysia recorded a GDP growth of 3.7 per cent in 2023, with an expansion of 3.0 per cent in 4Q 2023, supported by continued recovery in economic activity and labour market conditions.

In 2024, the MADANI government is confident of achieving stronger GDP growth of between four and five per cent on the back of strong fundamentals and reforms mapped out in the MADANI Economy and Budget 2024.

Meanwhile, the ringgit was traded lower against a basket of major currencies, except that it improved vis-a-vis the Japanese yen to 3.1780/1818 from 3.1860/1896 at Thursday’s close.

It slipped against the British pound to 6.0117/0186 from 6.0008/0071 and declined versus the euro to 5.1419/1478 from 5.1304/1357 previously.

The ringgit was traded mixed against other Asean currencies.

It weakened versus the Thai baht to 13.2559/2763 compared to 13.2084/2292 at yesterday’s close and inched up versus the Singapore dollar at 3.5479/5522 compared to 3.5481/5521.

The local note was unchanged against the Philippine peso at 8.53/8.55 from 8.53/8.54 yesterday and was flat vis-a-vis the Indonesian rupiah at 305.7/306.1 from 305.7/306.0 previously. - Bernama
Forex,Ringgit,Stephen Innes,Mohd Afzanizam Abdul Rashid,US PPI,GDP
KUALA LUMPUR: The ringgit ended higher against the US dollar today, tracking the positive sentiment on the equity market, analysts said.