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
Barnama
20 minutes ago
- Barnama
Five-season Padi Planting In Two Years Reforms Country's Padi Ecosystem
GENERAL JERLUN, July 25 (Bernama) -- The Five-Season Padi Cultivation Programme in the Muda Area in Kedah will bring about comprehensive reforms to the country's padi and rice industry ecosystem, said Prime Minister Datuk Seri Anwar Ibrahim. Anwar said this would at once reduce dependence on imports and strengthen the country's rice self-sufficiency rate. "This initiative is very close to my heart. Therefore, rapid implementation and effective coordination are very important to increase the capacity of local rice farmers and ensure more sustainable harvests," he said in a statement to the media here today. In this regard, Anwar called on the state government and the Ministry of Agriculture and Food Security (KPKM) to continue to act promptly and in an integrated manner to make this important agenda a success. He said the MADANI government listens to the voices of rice farmers, understands their needs and is determined to continue to empower this sector through various ongoing supports and initiatives. This, he said, also proves the concern and determination of the MADANI Government in defending the fate of farmers, the backbone of the country's agro-food sector. Earlier, the Prime Minister also conducted a working visit to one of the main infrastructure development projects under the Five-Season Padi Cultivation Programme in Two Years in the Muda Area in Batu 7, Kampung Kemboja, Ayer Hitam near here. Also present in the visit were Home Minister Datuk Seri Saifuddin Nasution Ismail, Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor and Muda Agricultural Development Board (MADA) chairman Datuk Dr Ismail Salleh. Meanwhile, according to a statement issued by MADA, the Prime Minister's visit was his second visit to the project site to review the progress of agricultural infrastructure development.
New Straits Times
32 minutes ago
- New Straits Times
US stock futures largely steady after record run for S&P 500, Nasdaq
NEW YORK: Wall Street futures were largely unchanged on Friday, as investors caught their breath after record closes for the S&P 500 and the Nasdaq and looked for clarity on US trade talks before the August 1 tariff deadline. At 6.50am ET, Dow E-minis were up 68 points, or 0.15 per cent, S&P 500 E-minis were up 8.25 points, or 0.13 per cent, and Nasdaq 100 E-minis were up 10.5 points, or 0.04 per cent. The blue-chip Dow fell 0.7 per cent in Thursday's session, but remained close to its all-time high, last hit in December. All three major indexes were poised to cap the week on a high note, as fresh signs of progress emerged on deals between the United States and its trading partners including Japan, Indonesia and the Philippines, which helped propel markets to new highs. Hopes for an agreement with the European Union were building, while negotiations with South Korea gathered steam ahead of the fast-approaching August 1 deadline. Investors are hoping for a resolution by that date which could sidestep hefty US import tariffs. The markets' record run was also aided by a wave of upbeat second-quarter earnings. Of the 152 companies in the S&P 500 that reported earnings as of Thursday, 80.3 per cent reported above analyst expectations, according to data compiled by LSEG. However, there were a few setbacks this week. Heavyweights Tesla and General Motors stumbled and were on track for their steepest weekly declines in nearly two months. Tesla's slide followed CEO Elon Musk's warning of tougher quarters ahead as US EV subsidies dwindle, while General Motors took a hit after absorbing a US$1.1 billion blow from President Donald Trump's sweeping tariffs in its second quarter earnings. Intel dropped 7.8 per cent in premarket trading on Friday after the chipmaker forecast steeper third-quarter losses than Wall Street had estimated and announced plans to slash jobs. "Tariff headlines are driving market risk sentiment fuelling a risk-on mood this week. However, some volatility near the August 1st deadline remains possible," a group of analysts led by Adam Kurpiel at Societe Generale said. All eyes will be on the US Federal Reserve next week when policymakers gather for a closely watched meeting. Wall Street is betting they will hit the pause button again on interest rates while sizing up tariff-fueled inflation. But the central bank isn't just facing economic headwinds — politics is also increasingly in the mix as Trump continues to ramp up his pressure campaign for lower rates after a rare visit to the Fed's headquarters on Thursday. A frequent critic of Fed Chair Jerome Powell, Trump has openly floated the idea of replacing him with someone more dovish — a stance that analysts noted is nudging investors to start pricing in looser monetary policy. According to CME's FedWatch tool, traders now see a nearly 60 per cent chance of a rate cut as soon as September. Among other stocks, Newmont added 2.1 per cent after the gold miner surpassed Wall Street expectations for second-quarter profit. Health insurer Centene posted a surprise quarterly loss, sending its shares tumbling 10 per cent. Paramount Global rose 1.3 per cent after US regulators approved its US$8.4 billion merger with Skydance Media.
Malay Mail
32 minutes ago
- Malay Mail
Ringgit slips against US dollar as traders await clarity on possible Malaysia-US tariff deal
KUALA LUMPUR, July 25 — The ringgit ended lower against the US dollar on Friday, as some investors locked in profits following recent gains, amid lingering uncertainty over the timing of potential Malaysia-United States (US) tariff discussions. At 6pm, the local note eased to 4.2195/2245 against the greenback, compared with Thursday's close of 4.2135/2210. However, the ringgit was firmer against a basket of other major currencies. SPI Asset Management, managing partner Stephen Innes told Bernama that in the absence of fresh catalysts, investors turned to profit-taking, while the stronger greenback globally left the ringgit more exposed. Still, he noted that Japan's recent trade agreement with the US — which included a reduction in auto tariffs from 25 per cent to 15 per cent — could spark expectations of further bilateral deals, potentially involving Malaysia. 'If that happens, it could boost demand for the ringgit,' he said. Bank Muamalat Malaysia Bhd, chief economist Dr Mohd Afzanizam Abdul Rashid echoed the view, noting that the ringgit had slipped 0.1 per cent to 4.2220 against the greenback as the US Dollar Index rose to 97.621 points, likely reflecting profit-taking after the ringgit's 0.5 per cent week-on-week gain. At the close here, the ringgit strengthened against most major currencies. It rose against the Japanese yen to 2.8529/8565 from 2.8751/8804 on Thursday, appreciated versus the British pound to 5.6786/6853 from 5.7080/7182, and edged higher against the euro to 4.9507/9566 from 4.9517/9605. Against regional peers, the ringgit was mostly higher, except for a flat performance against the Indonesian rupiah at 258.5/258.9, almost unchanged from 258.5/259.1 previously. It gained against the Singapore dollar at 3.2937/2978 from 3.2995/3057, rose versus the Thai baht to 13.0268/0478 from 13.0570/0863, and firmed against the Philippine peso to 7.38/7.40 from 7.43/7.45. — Bernama
