Ringgit Slips Against US Dollar Amid Global Risk-off Sentiment

By Danni Haizal Danial Donald

KUALA LUMPUR, Nov 6 (Bernama) -- The ringgit closed lower against the US dollar on Friday, weighed down by a broad risk-off sentiment across global markets amid renewed selling pressure in the semiconductor sector.

At 6 pm, the local currency slipped to 4.0565/0610 versus the greenback from Thursday’s close of 4.0445/0490.

SPI Asset Management managing partner Stephen Innes said the ringgit faced pressure as investors turned cautious amid heightened uncertainty in global markets.

“We are also seeing some safe-haven demand for the US dollar against other major currencies such as the euro and Australian dollar, which is spilling over into Asian currencies,” he told Bernama.

Meanwhile, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit was weaker against the US dollar today by 0.22 per cent compared to RM4.0557 post US midterm elections, with concerns on artificial intelligence investment appearing to dominate the financial markets.

“Traders are also awaiting US nonfarm payrolls data tonight, with consensus estimates putting total job creation at 65,000 in October versus 29,000 in September,” he said.

The ringgit traded mostly higher against a basket of major currencies.

It fell versus the Japanese yen to 2.5616/5646 from 2.5548/5578 at Thursday’s close, but it edged up against the euro to 4.5315/5365 from 4.5428/5478 yesterday and strengthened vis-a-vis the British pound to 5.4304/4365 from 5.4455/4516 previously.

The ringgit performed mixed against its ASEAN peers.

The local currency appreciated versus the Singapore dollar to 3.1657/1694 from the previous close of 3.1679/1717 and gained against the Thai baht to 12.0898/1105 from 12.1013/1199 yesterday.

However, it eased versus the rupiah to 224.2/224.6 from 223.6/224.0 on Thursday and slipped vis-a-vis the Philippine peso to 6.43/6.44 from 6.42/6.43.

-- BERNAMA