Ringgit Ends Marginally Lower Against Greenback On Stronger US Dollar Index
By Danni Haizal Danial Donald
KUALA LUMPUR, June 6 (Bernama) -- The ringgit closed marginally lower against the US dollar on Friday, amid a stronger US Dollar Index (DXY) as traders await US Nonfarm Payroll (NFP) data tonight, said an analyst.
At 6 pm, the local note stood at 4.2270/2360 against the greenback, easing from Thursday's close of 4.2245/2295.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the DXY gained 0.14 per cent to 98.884 points as the markets await the NFP data tonight, expecting payrolls to increase by 126,000 in May, down from 177,000 in the previous month.
'The ringgit versus the US dollar exchange oscillates around RM4.22 to RM4.23 today. Compared to yesterday, the ringgit depreciated slightly by 0.09 per cent to RM4.2310.
'This week, the ringgit has performed well as it has gained 0.7 per cent,' he told Bernama.
Meanwhile, SPI Asset Management managing partner Stephen Innes said as US-China tariff tensions subside and foreign capital continues to flow into Malaysian debt and foreign exchange deposits, the ringgit is gaining stronger structural support.
'Foreign investor interest remains strong, suggesting that any ringgit weakness driven by the US dollar is likely to attract buyers swiftly,' he said.
At the close, the ringgit traded mostly higher against a basket of major currencies.
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