KUALA LUMPUR (Oct 12): The ringgit closed at a new record low against the Singapore dollar on Wednesday (Oct 12), depreciating by 0.47% to 3.2609 from the previous close of 3.2457.

The local unit traded between 3.2463 and 3.2612 against the Singapore currency during the day. 

Over the last year, the ringgit traded between 3.0621 and 3.2634 against the Singapore dollar. Year-to-date, the local note has depreciated 6.12% versus the Singaporean dollar.
 
Reuters reported that a handful of Asian currencies, including the Singaporean dollar, reversed course against the US dollar on Wednesday to trade higher, ahead of some key data releases in the US.

According to Bloomberg, the Singaporean dollar gained 0.15% versus the US dollar to close at 1.4363. 

The South Korean won, meanwhile, gained 0.76% against the greenback to 1424.6400, the Thai baht appreciated 0.18% to 38.0510, and the Indian rupee gained 0.01% to 82.3112.  

The won was propped up by the Bank of Korea’s 50 basis point hike to its benchmark policy rate to 3%, the baht was supported by data showing that industrial sentiment had strengthened in September, while the Indian rupee was buoyed by the Reserve Bank of India likely intervening in small volumes, reported Reuters.

The ringgit, meanwhile, retreated by another 0.22% to 4.6838 against the US dollar on Wednesday. 

The US’ September inflation figures are slated for release on Thursday, which should give the market a better picture of what to expect from the US Federal Reserve (Fed)’s Federal Open Market Committee meeting in November. 

In their hawkish quest to put a lid on inflation, the Fed has already hiked rates by 300 basis points, and the door is still open for another hike in its penultimate meeting of the year. 

The committee’s meeting in September culminated in a 75-basis point increase after the US’ inflation figures for August came in at 8.3%, beating expectations of 8%.