KUALA LUMPUR, Nov 10 — The ringgit reversed yesterday’s gains against the US dollar to close lower on Thursday due to profit-taking, a dealer said.
At 6pm, the local note fell to 4.6950/6990 against the greenback from Wednesday’s close of 4.6885/6950.
SPI Asset Management managing director Stephen Innes said the mild ringgit and Asia foreign exchange (FX) sell-off likely reflected the anticipation of a weaker US Consumer Price Index (CPI).
“CPI is the centre of attention, and consensus suggests that the ringgit would react positively to an expected US inflation of below eight per cent,” he told Bernama.
He further said that investors were still incredibly jittery due to the cryptocurrency train wreck, US election bets that failed to materialise, and the seemingly never-ending COVID-19 malaise in China.
“The latter is likely the bigger influence on Asia FX as new COVID cases delay China’s reopening,” he added.
Meanwhile, the ringgit was traded higher against a basket of major currencies.
It improved further against the Singapore dollar to 3.3459/3490 from 3.3513/3562 on Wednesday and rose vis-a-vis the Japanese yen to 3.2048/2077 from 3.2159/2208.
The local currency also strengthened against the euro to 4.6781/6821 from 4.7101/7177 at yesterday’s close and appreciated versus the British pound to 5.3387/3432 from 5.3651/3725 previously.
— Bernama
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