Saturday, June 15

Ringgit off to weak start on first trading day of 2024

The ringgit opened lower in early trade on Tuesday, the first trading day of the new year 2024, but sentiment for the local note remained strong.

It closed the last trading day of 2023 higher by a marginal 0.3%.

At 9am, the ringgit had appreciated to 4.5910/5965 against the US dollar, from last Friday’s close at 4.5900/5980.

AmBank Group said the ringgit firmed 0.3% on the last trading day of 2023 to close below the 4.60 level at 4.594, the highest since August 2023, and traded within the range of 4.578 to 4.615.

“While we think [there is] further upside to the ringgit, cautious trading of the currency is still possible ahead of new US economic data this week.

“Investors now will focus on US key labour market and purchasing managers index data this week to kick-start 2024,” it said in a research note on Tuesday.

The local note was traded mostly lower against a basket of major currencies.

It weakened against the Japanese yen to 3.2519/2560 from 3.2356/2415 last Friday, rose versus the euro to 5.0675/0736 from last Friday’s 5.0729/0817, and eased vis-a-vis the British pound to 5.8416/8486 from 5.8321/8422 at last Friday’s close.

The ringgit was also traded lower or remained unchanged against Asean currencies.

It fell against the Singapore dollar to 3.4786/4833 from 3.4746/4812 at last Friday’s close, and was almost flat vis-à-vis the Philippine peso at 8.28/8.30 from 8.28/8.31 previously.

The local currency saw a marginal change versus the Indonesian rupiah at 298.1/298.5 from 298.1/298.6 last Friday, and declined against the Thai baht to 13.3728/3954 from 13.3422/3760.

Asian markets were closed on Monday for the New Year. – Bernama

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