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Most Asian currencies slip on Fed uncertainty; stocks mixed

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THE Malaysian ringgit led declines among weak Asian currencies on Friday due to a buoyant dollar while regional share markets were mixed, as investors refrained from taking fresh bets on when the Federal Reserve will start to cut rates.

The dollar index - a measure of the greenback against six major rivals, was at 105.36 as at 0405 GMT. Back in Asia, the ringgit depreciated about 0.4% to trade at 4.765 per dollar, hitting its lowest since late February, while the Taiwan dollar traded 0.3% down and the Philippine peso was flat. "The Fed is now in a difficult position, and the market is questioning if there will be any cuts in 2024, suggesting more upside for U.S. rates," analysts from Citi wrote.

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