Ringgit Holds Firm as US Job Numbers Weigh on Dollar

The ringgit held steady against the US dollar at the close of trade on Friday. The local currency remained unchanged from last week's price, trading at 4.0885/0930 against the greenback.

According to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid, the weak job numbers in the US weighed heavily on the dollar's performance. The US non-farm payroll revealed a decline of 23,000 jobs in July, which could temper inflationary pressures.

The critical Consumer Price Index report is set to be released this Wednesday, and it will be closely watched by Federal Open Market Committee members when they meet on September 15-16. This data will help them assess the state of the economy and inform their decision-making process.

Meanwhile, the ringgit ended mostly lower against a basket of major currencies. It inched up against the Japanese yen but eased against the euro and slipped versus the British pound. The local currency also depreciated against regional currencies such as the Singapore dollar, Thai baht, Philippine peso, and Indonesian rupiah.