Ringgit strengthens vs major currencies, little change against US dollar
KUALA LUMPUR: The ringgit opened higher against major currencies but was little changed against the US dollar on Tuesday, amid expectations that the possibility of a US interest rate hike in September has dropped, an economist said.
KUALA LUMPUR: The Malaysian ringgit opened stronger against other major currencies on Tuesday, but showed little movement against the US dollar, according to an economist. The currency began the day at 4.0585/0675 per US dollar, up from its previous close of 4.0585/0630. Dr Mohd Afzanizam, chief economist at Bank Muamalat Malaysia Bhd, suggested that a lower probability of a US interest rate hike in September would bolster emerging market currencies, including the ringgit.
However, he noted that the Malaysian economy is in a favorable position, with robust GDP growth and stable inflation rates. The latest Consumer Price Index (CPI) data indicated that headline and core inflation both decreased to 1.8% in July. Dr Afzanizam predicted that the ringgit would fluctuate between 4.06 and 4.08 against the US dollar throughout the day.
At opening, the currency showed relative strength compared to a basket of major currencies, including the Japanese yen, British pound, euro, Singapore dollar, Thai baht, Philippine peso, and Indonesian rupiah.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Ringgit strengthens vs major currencies, little change against US dollar freemalaysiatoday.com
