Ringgit opens slightly higher despite rising US rate expectations
The local note rises to 4.0835/4.0895 against the US dollar from Monday’s close of 4.0845/4.0890.
On Tuesday, the Malaysian ringgit opened marginally higher against the US dollar, despite the greenback remaining buoyed by anticipations of escalating US interest rates. At 8 AM, the ringgit increased to 4.0835/4.0895 against the US dollar, compared to the previous trading day's closing rate of 4.0845/4.0890. Afzanizam Rashid, chief economist at Bank Muamalat Malaysia Bhd, stated that the US dollar index (DXY) climbed by 0.23% to 102.167 points, indicating a stronger greenback.
He further explained that the ringgit was expected to hover within a narrow trading range due to this factor. Additionally, Rashid noted that the US dollar had also strengthened as demand for the currency increased, with certain investors seeking refuge in safer assets amidst global uncertainty. The ringgit demonstrated an upward trend against most major currencies at the opening.
It appreciated against the Japanese yen, reaching 2.5847/2.5886 from 2.5858/2.5886 at the previous day's closing, and strengthened against the British pound, moving from 5.4022/5.4081 to 5.3976/5.4055. However, the ringgit weakened against the euro, falling from 4.5775/4.5825 to 4.5805/4.5872. Regional currency performances were mixed; the ringgit strengthened against the Thai baht, moving from 12.1234/12.1411 to 12.1151/12.1390, but slightly weakened against the Singapore dollar, dropping from 3.1905/3.1943 to 3.1907/3.1957.
The local currency remained steady against the Philippine peso at 6.52/6.53 and the Indonesian rupiah at 227.9/228.3.
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.
