Ringgit opens higher against US dollar, major currencies
The ringgit is expected to trade between RM4.08 and RM4.10 against the US dollar today, says an analyst.
KUALA LUMPUR - The Malaysian ringgit began the trading day with a higher value against the US dollar and other major currencies on Thursday. At 8 am, the ringgit appreciated to 4.0810/4.0865 against the US dollar, up from Thursday's close of 4.0840/4.0880. Bank Muamalat Malaysia Bhd economist Afzanizam Rashid suggested that movements in US Treasury yields were impacting market sentiment.
The yield on 30-year US Treasury bonds rose eight basis points to 5.48%, the highest level in two decades. This indicates a growing inflation risk premium, as heightened geopolitical risks in the Middle East may put upward pressure on crude oil prices. This situation has supported the US Dollar Index (DXY), which increased 0.19% to 101.285 points, amid expectations of the US Federal Reserve continuing to tighten monetary policy.
Afzanizam expects the ringgit to trade between RM4.08 and RM4.10 against the US dollar on Thursday. At the start of the trading day, the ringgit also strengthened against the euro, British pound, Japanese yen, Singapore dollar, Thai baht, Indonesian rupiah, and Philippine peso compared to their values at Thursday's close.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Ringgit opens higher against US dollar, major currencies freemalaysiatoday.com
- Ringgit opens higher against US dollar, major currencies malaymail.com
