KUALA LUMPUR, Aug 10 — The ringgit held steady against the US dollar at the close of trading today, supported by weaker-than-expected United States labour market data that put downward pressure on the greenback.
At 6:00 pm, the local currency stood unchanged at 4.0885/0930 against the greenback compared to last Friday’s closing rate.
The steady performance follows the latest US non-farm payroll figures, which revealed a contraction of 23,000 jobs in July, easing expectations surrounding monetary policy adjustments ahead of key US inflation data and upcoming central bank meetings.
Despite maintaining its position against the US dollar, the local unit traded mostly lower against a basket of major global currencies.
The ringgit inched up vis-a-vis the Japanese yen to 2.5736/5766 from 2.5813/5843 at last Friday’s close, but eased against the euro to 4.7247/7299 from 4.7132/7184, and slipped against the British pound to 5.5170/5231 from 5.4949/5010 previously.
The local note experienced similar broad depreciation against regional currencies. It declined against the Singapore dollar to 3.1961/2002 from 3.1911/1949 recorded last Friday, and dipped versus the Thai baht to 12.3894/4079 from 12.3665/3843.
Additionally, the ringgit eased against the Philippine peso to 6.73/6.74 from 6.71/6.72 last week, while sliding against the Indonesian rupiah to 230.2/230.6 from 228.4/228.7 previously.
–NMT
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