KUALA LUMPUR, March 27 — The ringgit retreated to close lower against the US dollar today, snapping two consecutive days of gains on caution ahead of US inflation data. The...
KUALA LUMPUR, March 27 — The ringgit retreated to close lower against the US dollar today, snapping two consecutive days of gains on caution ahead of US inflation data.
The US Personal Consumption Expenditures price index will be out on Friday, which will further provide clarity on the interest rate outlook in the United States.Advertisement Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said market players appeared to be taking shelter against the uncertainty ahead of the PCE data, with the local note and other regional currencies generally weaker against the greenback.
“The weaker yen was also in the limelight as the Japanese finance ministry issued a warning of possible intervention in the forex market. This happened despite the Bank of Japan’s decision last week to end the negative interest rate policy, the yield curve control and purchases of risk assets. All in all, it seems like risk-off mode at the moment,” he told Bernama.AdvertisementIt depreciated against the euro to 5.1233/1287 from yesterday’s close of 5.1225/1257 and against the British pound to 5.
The local unit was flat against the Singapore dollar at 3.5112/5151 from 3.5112/5137 and against the Philippine peso, declining to 8.41/8.43 from 8.38/8.38 previously. — Bernama
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