Ringgit Ends Easier Vs US Dollar Amid AI-Related Share Price Concerns

By Fatin Umairah Abdul Hamid

KUALA LUMPUR, Oct 23 (Bernama) -- The ringgit ended slightly lower against the US dollar on Friday as market sentiment remained cautious amid concerns over artificial intelligence (AI) related share prices and declining bond yields.

On Thursday, the US Treasury yields tumbled as investors sought safety in government bonds.

At 6 pm, the ringgit eased to 4.0835/0875 against the greenback from Thursday’s close of 4.0815/0850. 

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that the US dollar-ringgit pair traded between 4.0813 and 4.0865 during the day.

He said market players also remained cautious as they monitored signals from the Federal Open Market Committee statement and the subsequent press conference next week, with markets expecting the Federal Funds Rate to remain unchanged at 3.75 per cent to 4.00 per cent.

At the close, the ringgit traded mostly higher against a basket of major currencies.

It rose against the British pound to 5.4633/4687 from 5.4659/4706 at Thursday’s close, inched up vis-a-vis the euro to 4.5735/5780 from 4.5790/5830, but fell against the Japanese yen to 2.6076/6103 from 2.6035/6057.

The ringgit was mostly higher against its ASEAN peers.

It gained against the Singapore dollar to 3.1952/1986 from 3.1959/1992 at yesterday's close and appreciated against the Indonesian rupiah to 225.8/226.1 from 225.9/226.3.

However, it eased against the Thai baht to 12.0985/1154 from 12.0973/1120, and stayed flat vis-a-vis the Philippine peso at  6.42/6.43 from Thursday's close. 

-- BERNAMA