Ringgit Firmer Vs US Dollar At Opening
KUALA LUMPUR, June 19 (Bernama) -- The ringgit inched higher at the opening today amid ongoing geopolitical worries and despite a firmer greenback after the US Federal Reserve (Fed) decided to keep interest rates unchanged, an analyst said.
At 8 am, the local note climbed to 4.2435/2650 against the greenback from yesterday's close of 4.2500/2550.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar was mostly higher overnight after the US Federal Open Market Committee (FOMC) unanimously decided to keep the Fed funds rate unchanged at 4.25 to 4.50 per cent.
"The Fed is concerned over the risk of higher inflation and they need to stay vigilant while the Middle East conflict remains unsettled as the possibility of the United States participating in the Israel-Iran military conflict remains high," he told Bernama.
He said the ringgit had depreciated against the US dollar on Thursday by 0.22 per cent following a greenback rally, and that investors were also wary of the next hurdle, which would be the end of the 90-day tariff pause period in early July. "On that note, we shall expect the ringgit to stay soft in the near term as sentiments in the market remain guarded," he added.
At the opening, the ringgit traded higher against a basket of major currencies.
It rose against the Japanese yen to 2.9276/9426 from 2.9322/9359 at Wednesday's close, strengthened versus the British pound to 5.6922/7211 from 5.7218/7285, and advanced against the euro to 4.8698/8945 from 4.8888/8945 previously.
The local note was also better against its ASEAN counterparts.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
10 minutes ago
- The Star
Wall Street poised for higher open as US-Japan trade deal lifts sentiment
WALL Street was poised for a stronger start on Wednesday after President Donald Trump struck a trade deal with Japan, shoring up expectations of further agreements ahead of the fast-approaching August 1 deadline. The pact will slash tariffs on the Japanese auto sector to 15% from 27.5%, with duties on other goods also dropping to 15% from 25%. At 8:24 a.m. ET, S&P 500 E-minis were up 22.5 points, or 0.35%, Nasdaq 100 E-minis were up 17.75 points, or 0.08%, and Dow E-minis were up 233 points, or 0.52%. Futures tracking the domestically focused Russell 2000 small-cap index rose 0.9%. Representatives from Washington and the European Union were headed into negotiations, hoping to secure a breakthrough deal. At the same time, the European Commission declared plans to submit counter-tariffs on 93 billion euros ($109 billion) of U.S. goods for approval to EU members. "The United States has been working very hard on trying to get a lot of trade deals in time before the August 1st deadline, and it seems like they're starting to get some momentum. So I do think this is a very positive sign," said Chris Zaccarelli, chief investment officer at Northlight Asset Management. Meanwhile, the S&P 500 notched its eighth record close in a month on Tuesday, buoyed by easing trade tensions, a resilient U.S. economy, and upbeat second-quarter earnings. The Dow climbed 0.4%, now within striking distance of its all-time high, while the Nasdaq slipped as declines in Meta and Microsoft weighed on the tech-heavy index. Investors are now laser-focused on earnings from the "Magnificent Seven" - the market's star performers who have powered stocks to record highs. Tesla and Alphabet are set to report after the bell on Wednesday. With AI optimism running high and valuations stretched, expectations for these tech giants are sky-high, leaving little margin for disappointment. Both the stocks eased about 0.3% premarket. In earnings-focused moves, Texas Instruments tumbled 9.9% after its quarterly profit forecast failed to impress investors, as it pointed to weaker-than-expected demand for its analog chips from some customers and underscored tariff-related uncertainty. The earnings also weighed on its peer analog chipmakers, with NXP Semiconductors, Analog Devices and ON Semiconductor falling between 3.1% and 5.4%. Automaker General Motors also became a casualty of the trade war on Tuesday when it said Trump's tariffs took a $1.1 billion hit on its quarterly earnings, sending its shares down more than 8%. Toymaker Hasbro rose 0.5% after raising its annual revenue forecast, while AT&T slipped 3.4% despite beating quarterly profit estimates. In economic data, existing home sales numbers for June are due on the day. Thursday's weekly jobless claims numbers and S&P Global's flash PMI data will be closely assessed to gauge economic health in the wake of tariff uncertainties. Following a mixed set of economic data last week, traders have ruled out an interest rate cut by the Federal Reserve next week. Odds for a September reduction stand at 56%, according to the CME FedWatch tool. The Fed's July meeting will follow on the heels of mounting concerns about its independence amid political interference and President Trump's persistent attacks on Chair Jerome Powell for his reluctance to cut rates. - Reuters
The Sun
10 minutes ago
- The Sun
Malaysians welcome RM1.99 RON95 petrol price reduction
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim's announcement of the RON95 petrol price reduction to RM1.99 per litre has been met with widespread appreciation, offering much-needed relief to Malaysians grappling with rising living costs. Consumers Association of Kedah (CAKE) president Mohd Yusrizal Yusoff described the move as reassuring amid concerns over targeted fuel subsidies. 'Not only did the price not go up, it went down. This is proof that the government is listening to the people and working to ease our burden,' he said. For daily commuters like Nur Ayuni Syafini Shahalim, a 25-year-old kindergarten teacher from Perlis, the savings ease her travel expenses between Kodiang and Arau. 'I'm grateful because as a moderate-income worker, every ringgit saved is meaningful,' she said. Gig workers, heavily reliant on fuel, also stand to benefit. Mohd Bukhari Mohd Noor, a 41-year-old food delivery rider from Penang, noted that the six-sen per litre reduction helps cover family expenses and medical bills. 'This extra money can go towards my family's expenses and my parents' medical treatment,' he said. Civil servant Syarifah Suhaila Tahir from Johor sees the price cut as recognition of public support for government reforms. 'Even though the reduction is small, daily use makes the impact substantial,' she said. Students, too, welcome the change. Muhammad Aiman Haziq Mohd Alias, a 22-year-old university student, said lower fuel costs allow him to reallocate funds for studies and transport. 'I ride a motorcycle to campus daily, so with lower fuel prices, my expenses will drop too,' he explained. Anwar assured that the targeted subsidy would not burden ordinary Malaysians, benefiting approximately 18 million drivers and gig workers. 'Once the targeted RON95 subsidy is implemented, Malaysians will enjoy a lower petrol price of RM1.99 per litre,' he said. – Bernama
The Sun
10 minutes ago
- The Sun
KPKT ensures economic stability benefits reach Malaysians
PUTRAJAYA: The Ministry of Housing and Local Government (KPKT) will ensure Malaysians enjoy the benefits of economic stability through sustainable urban planning and development, said Minister Nga Kor Ming. He emphasised the ministry's commitment to initiatives that enhance public well-being and comfort. Nga stated that the aid and incentives announced by Prime Minister Datuk Seri Anwar Ibrahim reflect a people-centric approach. 'All economic growth, historic investments, a stronger currency and improved national competitiveness are now directly translated into benefits that impact the people's daily lives,' he said in a statement. Key measures include the RM100 one-off cash aid under the Sumbangan Asas Rahmah (SARA) programme for Malaysians aged 18 and above, the postponement of toll rate hikes on 10 major highways, and a reduction in RON95 petrol prices to RM1.99 per litre. An additional public holiday on September 15 for Malaysia Day and increased funding for MADANI Rahmah Sales to RM600 million were also announced. 'KPKT is confident that with the MADANI spirit and unity among all quarters, Malaysia can progress as a developed nation that is not only economically stable but also fair and equitable for all,' Nga added. – Bernama
