News & Articles Ringgit slips against greenback
Ringgit slips against greenback
14 Dec 2015
KUALA LUMPUR, Dec 14, 2015:
The ringgit opened lower against the US dollar today, said a dealer.
At 9.30am, the local unit was quoted at 4.3255/3315 against the US dollar from Friday’s close of 4.2900/2950.
The dealer said the US dollar was lifted on the possibility of a US interest rate hike, with the Federal Open Market Committee meeting scheduled for Dec 15-16.
The local note traded mixed against other major currencies this morning.
It went down against the Singapore dollar to 3.0608/0652 from Friday’s close of 3.0484/0543, and depreciated against the yen to 3.5813/5875 from 3.5199/5251.
The ringgit also eased against the British pound to 6.5761/5856 from Friday’s close of 6.5049/5142, and fell against the euro to 4.7511/7586 from 4.7048/7112.
Reuters reported China’s yuan opened at a fresh 4½ year low today, after the country’s central bank said it has begun publishing a yuan index rate against a basket of currencies, seen by some as a green-light for more devaluation.
The People’s Bank of China set the midpoint rate at 6.4495 per US dollar prior to the market open, its weakest level since 2011.
The spot market opened at 6.4623 per US dollar and was changing hands at 6.4647 in early trade, 94 pips away from the previous close and 0.24% away from the midpoint. The spot rate is currently allowed to trade within a 2% band on either side the official fixing on any given day.
The offshore yuan was trading 1.34% below the onshore spot at 6.5528 per US dollar.
The China Foreign Exchange Trade System announced on Friday it had launched a new trade-weighted yuan exchange rate index, which was at 102.93 on Nov 30, a rise of 2.93% from the end of 2014. In that same period, the yuan has fallen 3% against the US dollar.
The yuan has been weakening steadily against the dollar on the back of China’s domestic interest rate cuts, even as markets expect the US Fed to raise its own rates. As a result, investors have seen rising capital flows out of yuan assets into dollar assets.
The ringgit opened lower against the US dollar today, said a dealer.
At 9.30am, the local unit was quoted at 4.3255/3315 against the US dollar from Friday’s close of 4.2900/2950.
The dealer said the US dollar was lifted on the possibility of a US interest rate hike, with the Federal Open Market Committee meeting scheduled for Dec 15-16.
The local note traded mixed against other major currencies this morning.
It went down against the Singapore dollar to 3.0608/0652 from Friday’s close of 3.0484/0543, and depreciated against the yen to 3.5813/5875 from 3.5199/5251.
The ringgit also eased against the British pound to 6.5761/5856 from Friday’s close of 6.5049/5142, and fell against the euro to 4.7511/7586 from 4.7048/7112.
Reuters reported China’s yuan opened at a fresh 4½ year low today, after the country’s central bank said it has begun publishing a yuan index rate against a basket of currencies, seen by some as a green-light for more devaluation.
The People’s Bank of China set the midpoint rate at 6.4495 per US dollar prior to the market open, its weakest level since 2011.
The spot market opened at 6.4623 per US dollar and was changing hands at 6.4647 in early trade, 94 pips away from the previous close and 0.24% away from the midpoint. The spot rate is currently allowed to trade within a 2% band on either side the official fixing on any given day.
The offshore yuan was trading 1.34% below the onshore spot at 6.5528 per US dollar.
The China Foreign Exchange Trade System announced on Friday it had launched a new trade-weighted yuan exchange rate index, which was at 102.93 on Nov 30, a rise of 2.93% from the end of 2014. In that same period, the yuan has fallen 3% against the US dollar.
The yuan has been weakening steadily against the dollar on the back of China’s domestic interest rate cuts, even as markets expect the US Fed to raise its own rates. As a result, investors have seen rising capital flows out of yuan assets into dollar assets.
Source: Therakyatpost.com