KUALA LUMPUR – The ringgit opened flat against the US dollar this morning as investors are focusing on Malaysia’s Budget 2023 tabling today, as well as the United States personal consumption expenditures (PCE) price index data to be released tonight, said an analyst.
At 9am, the ringgit stood at 4.4315/4360 versus the greenback compared to yesterday’s close of 4.4315/4365.
SPI Asset Management managing director Stephen Innes said the US PCE data is expected to show acceleration in PCE, and if the data comes in higher than expected, it will set up the path towards a stronger US dollar next week.
“Nevertheless, the Budget 2023 tabling is likely to offer some pro-growth support to the ringgit today,” he said.
Prime Minister Datuk Seri Anwar Ibrahim, who is also finance minister, is scheduled to present the Malaysia Madani Budget 2023 in the Dewan Rakyat later today, the first national budget presented under his unity government.
In the meantime, the ringgit was traded mostly lower against a basket of major currencies except for the British pound, where it appreciated to 5.3289/3343 from 5.3311/3371 at yesterday’s close.
The local unit depreciated against the Japanese yen to 3.2990/3028 from 3.2855/2895 yesterday, fell vis-a-vis the Singapore dollar to 3.3019/3058 from 3.2990/3032, and eased versus the euro to 4.7000/7048 from 4.6943/6996 previously. – Bernama, February 24, 2023
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