Ringgit easier v dollar on yuan weakness
An analyst says the ringgit’s movement remains highly influenced by the yuan’s performance and the negative bias on China’s growth sentiment. – The Malaysian Insight file pic, July 20, 2023.
THE ringgit opened easier against the US dollar, in tandem with the weakness in the Chinese yuan, an analyst said. At 9am, the local note was trading at 4.5545/5585 against the greenback compared with 4.5375/5420 at Tuesday’s close.SPI Asset Management managing director Stephen Innes said the decline in the US Treasury yield and its easing inflation should be positive for the ringgit.
However, the ringgit’s movement remains highly influenced by the yuan’s performance and the negative bias on China’s growth sentiment, he said.It rose against the British pound to 5.8967/9019 from 5.9450/9509 at Tuesday’s close, and improved versus the Japanese yen to 3.2672/2703 from 3.2835/2870 previously, but eased vis-a-vis the euro to 5.1092/1137 from 5.1038/1088 earlier.It slightly dropped versus the Singapore dollar to 3.4394/4427 from 3.
It was flat vis-a-vis the Philippine peso to 8.34/8.36 from 8.34/8.35 and slid against the Indonesian rupiah to 303.6/304.0 from 302.5/302.9 on Tuesday. – Bernama, July 20, 2023.
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