Ringgit On Firmer Footing Against US Dollar In Early Trade
By Siti Radziah Hamzah
KUALA LUMPUR, July 25 (Bernama) -- The ringgit opened on a slightly firmer footing against the US dollar this morning, shrugging off the broader G10 currencies' weakness as a confluence of domestic optimism and regional tailwinds lifted sentiment, said an analyst.
At 8.07 am, the local note rose to 4.2120/2225 against the greenback from Thursday's close of 4.2135/2210
SPI Asset Management managing partner Stephen Innes said while better-than-expected United States (US) data and rising Treasury yields have weighed on most major currencies, the ringgit is drawing strength from positive developments closer to home.
'There is growing confidence that Malaysia could soon secure a trade deal with the US, potentially modelled off the 15 per cent tariff truce the US struck with Japan.
'That alone has markets pricing in a more favourable export outlook, particularly for Malaysia's high-value sectors,' Innes told Bernama.
On Thursday, Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said Malaysia is still on track to secure a trade deal with the US by the Aug 1 deadline at the lowest possible tariff.
Innes said investor sentiment was also buoyed by anticipation surrounding next week's high-level talks in Stockholm, between the US Secretary of Treasury Scott Bessent and senior Chinese officials.
He noted that the markets see this as a potential catalyst for de-escalation in broader US-China tensions, which historically boosts risk appetite across Asia, including for the ringgit.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
3 hours ago
- Barnama
Nurul Izzah Calls On Bangladesh Interim Government Chief
WORLD By Shakir Husain NEW DELHI, July 27 (Bernama) -- Parti Keadilan Rakyat (PKR) deputy president Nurul Izzah Anwar called on Bangladesh interim leader Muhammad Yunus in Dhaka on Sunday. Yunus, during the meeting, sought Malaysia's support for Bangladesh to join the Association of Southeast Asian Nations (ASEAN). "We want to become a part of ASEAN, and we will need your support," he told Nurul Izzah, according to a Bangladesh Sangbad Sangstha report. Bangladesh applied to become an ASEAN sectoral dialogue partner in 2020. Yunus also invited Malaysian companies to invest in Bangladesh's growing economy. "Asia is ageing rapidly, but Bangladesh has a lot of young people. Half of our population is under the age of 27. Set up your industries here and export from Bangladesh. It will help both our economies," he said. The interim government's chief advisor informed the PKR deputy chief about Bangladesh's political reforms following last year's uprising, which ended Sheikh Hasina's nearly 16-year rule. Nurul Izzah spoke at Dhaka University on Sunday at a conference marking the first anniversary of the July Revolution.
Barnama
4 hours ago
- Barnama
Infineon Investment Lifts Malaysia As Chip Hub, Creates 1,500 Jobs
KUALA LUMPUR, July 27 (Bernama) -- Infineon Technologies' mega investment has not only positioned Malaysia as a global semiconductor manufacturing hub but will also generate 1,500 high-income jobs for Malaysians, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He said Prime Minister Datuk Seri Anwar Ibrahim had announced Infineon's RM30 billion potential investment during a trade and investment mission to Germany, following a meeting with the company's top management. "That potential has now become a reality. Infineon Technologies, the German semiconductor giant, has commenced an additional RM30 billion investment to build the world's largest 200mm Silicon Carbide (SiC) Power Fab at the Kulim Hi-Tech Industrial Park in Kedah.
The Star
4 hours ago
- The Star
Indonesia's first high-speed railway is now transforming inbound travel and driving economic growth
JAKARTA (Xinhua): Since the launch of commercial operations in October 2023, the Jakarta-Bandung High-Speed Railway, locally known as Whoosh, has ushered in a new era of modern transportation for Indonesia. As South-East Asia's first high-speed rail system, Whoosh connects Jakarta, Indonesia's largest city, with Bandung in West Java, drastically reducing travel time from over three hours to just 46 minutes. This leap in mobility has delivered more than just faster commutes. It has redefined the travel experience for millions of Indonesians and brought new momentum to economic activity along the railway corridor. ECONOMIC BENEFITS According to PT Kereta Cepat Indonesia China (KCIC), the Indonesian-Chinese railway joint venture has safely carried over 10.6 million passengers on 31,614 trips as of July 25, covering more than 4.9 million kilometers since its commercial operations began. With up to 62 daily train services and a peak daily ridership of 26,800, public enthusiasm continues to rise. For Sophia, a 37-year-old mother of two who commutes between Jakarta and Bandung every weekend, the benefits are deeply personal. "Whoosh has become a proper mode of transportation. Time is valuable; we shouldn't have to spend so much of it on the road," she said. Beyond convenience, Whoosh has also triggered notable economic benefits. Business owners like 45-year-old Akhyar, who runs a cake shop near Bandung's train station, have witnessed a sharp rise in customers, many of whom are tourists brought in by the high-speed service. Similarly, the Indonesian Travel Agent Association reported growing demand for group tours using Whoosh, especially among students and corporate travelers. "It helps promote Jakarta as a tourist destination, especially for ASEAN visitors," said the association's Chairwoman, Pauline Suharno, using the acronym for the Association of Southeast Asian Nations. "Among ASEAN countries, only Indonesia has a high-speed train." According to Segara Research Institute Executive Director Piter Abdullah, Whoosh is not only a game changer for mobility, but a catalyst for new economic activity. "Mobility is a driver of the economy. The growing number of passengers shows that people are increasingly recognizing the value of time efficiency and travel comfort. High-speed rail can trigger the emergence of new economic centers," he said. This project represents a crucial first step in developing rail-based transportation across Java Island, unlocking new zones of productivity and investment, he added. ENHANCED CONNECTIVITY The areas surrounding Whoosh's stations, such as Tegalluar, Padalarang, and Karawang, are already seeing the rise of new residential communities, commercial centers, and upgraded infrastructure. Halim Station, near Jakarta's international airport, is evolving into a critical intermodal hub, supporting seamless air-rail connectivity. "Whoosh has significantly enhanced regional connectivity and land value," said KCIC's Corporate Communications Manager Emir Monti. "It's also generated thousands of jobs and supported the growth of a full high-speed rail industry chain in Indonesia." Emir believed that Whoosh is not just a transport upgrade, but a strategic leap in Indonesia's development. "We didn't expect such a high level of enthusiasm at the beginning. But Whoosh has truly improved connectivity between Jakarta and Bandung and brought real convenience to the public," he said. He also emphasized the project's role as a model for international collaboration and local capacity building. "This isn't just about importing equipment; it's about building an integrated system. Through our joint venture with Chinese partners, we've transferred technology, trained local talent, and developed Indonesian professionals in operations, maintenance, and management," he said. Today, all train drivers and mechanics are Indonesians, a testament to the project's commitment to localization and sustainability. "From technology to management, our local teams are growing through hands-on experience," said Emir. "Whoosh didn't just bring infrastructure. It built a foundation for future Indonesian expertise." GROWING EXPECTATION According to Dwiyana Slamet Riyadi, president director of KCIC, Whoosh is the first full-scale application of Chinese high-speed rail technology abroad, making Indonesia the first country outside China to operate trains at a speed of 350 kilometers per hour. "Chinese high-speed rail technology is truly advanced. They're already developing trains that can reach 450 kilometers per hour. So I think it's natural that China is the technological benchmark for Indonesia's high-speed rail development," he said. He also noted that Indonesia's success with Whoosh has drawn attention from other Southeast Asian nations eager to replicate its achievement. "Indonesia is now seen as a model for high-speed rail development in ASEAN," he said. As demand continues to climb and public satisfaction remains high, expectations are rising. German expatriate Ali Kurtze, a long-time Jakarta resident and self-proclaimed loyal Whoosh rider, expressed hope for further expansion. "Fast, punctual, comfortable, I love this route. I hope the high-speed rail will one day extend to Surabaya or even Sumatra," said Kurtze. "That would completely transform Indonesia's transportation landscape." -- Xinhua
