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 started the trading day on a stronger note against the US dollar and other major currencies on Thursday. The currency opened at 4.0810/4.0865 per US dollar, up from the previous close of 4.0840/4.0880. Afzanizam Rashid, chief economist at Bank Muamalat Malaysia Bhd, pointed to the impact of US Treasury yields on market sentiment.
The yield on 30-year US Treasury bonds rose eight basis points to 5.48%, the highest level in two decades, suggesting a potential rise in inflation due to geopolitical risks in the Middle East and heightened crude oil prices. These factors, combined with the US Dollar Index (DXY) rising 0.19% to 101.285 points, led traders to expect the Federal Reserve to continue tightening monetary policy.
Analysts forecasted the ringgit to trade within a range of RM4.08 to RM4.10 against the US dollar on Thursday. The local currency also showed gains against other major currencies, including the euro, British pound, Japanese yen, Singapore dollar, Thai baht, Indonesian rupiah, and Philippine peso.
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- Ringgit opens higher against US dollar, major currencies malaymail.com
- Ringgit opens higher against US dollar, major currencies freemalaysiatoday.com
