Ringgit Mixed in Currency Markets Amid Weaker US Interest Rate Hike Expectations
The Malaysian ringgit experienced mixed results in currency markets on Thursday, October 1st. Against the US dollar, it fell to 4.0830/4.0875 from Wednesday's close of 4.0785/4.0820.
However, against a basket of major currencies, the ringgit ended higher. It appreciated against the euro to 4.6015/6.066 and the British pound to 5.3896/3955. The ringgit also firmed against the Japanese yen to 2.5781/5811.
According to Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, the odds of a US interest rate hike have decreased to below 50% following the release of the latest personal consumption expenditures inflation rate data.
The ringgit's performance against other ASEAN currencies was also positive. It strengthened against the Singapore dollar to 3.1856/1894 and appreciated against the Thai baht to 12.1111/1294.