May stabilise around 4.73/USD on signs of cooling US labour market and domestic boost
The ringgit traded relatively weak, around the 4.76-4.78 level in the first three days of the week before strengthening to 4.74/USD on Thursday. The local currency faced initial pressure due to a downturn in investors' risk appetite amid market's ongoing downward recalibration of Fed interest rate expectations.
Nevertheless, joint efforts by the government and BNM to increase inflows into the domestic FX market have somewhat helped to boost the ringgit, not only against the USD but also against its ASEAN-5 peers. Additionally, this week saw net foreign inflows of RM0.15b into the domestic debt, driven by an influx of investment in corporate bonds.
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