Ringgit steadies on rate-cut talk ahead of key Bank Negara meet
At 8 am, the local note rose to 4.2060/2320 against the greenback from Friday's close of 4.2180/2260.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the OPR might be reduced by 25 basis points as heightened economic uncertainties could potentially affect the second half's growth momentum.
'So there is a clear justification for BNM to support growth,' Mohd Afzanizam told Bernama.
He also noted that traders will also remain cautious vis-a-vis the greenback as investors and traders await clarity ahead of the United States (US) tariff pause deadline, which is also on July 9.
"All eyes will be on the July 9, 2025 deadline with regards the US tariff which has been paused for 90 days since April 9 this year.
"At the same time, OPEC+ members have agreed to increase their oil production by 548,000 barrels per day in August 2025, suggesting that oil producers are committed to restoring global oil supplies," he said.
In light of the ongoing tariff uncertainty, Mohd Afzanizam said the ringgit is expected to trade cautiously between the RM4.22 and RM4.23 range today.
"The ringgit appreciated by 0.3 per cent week-on-week against the US dollar last week, strengthening to as high as RM4.1980 on July 1," he added.
At the opening, the ringgit was higher against a basket of major currencies.
It firmed against the Japanese yen to 2.9115/9297 from 2.9225/9282, strengthened versus the British pound to 5.7412/7767 from 5.7601/7710, and appreciated against the euro to 4.9542/9849 from 4.9675/9770.
The local note also advanced against most Asean currencies.
It improved vis-à-vis the Singapore dollar to 3.3006/3213 from 3.3114/3182, strengthened against the Thai baht to 12.9823/13.0730 from 13.0302/0609, inched up against the Indonesian rupiah at 259.8/261.5 from 260.6/261.2, and rose against the Philippine peso to 7.45/7.50 from 7.47/7.49 previously. — Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
an hour ago
- Malay Mail
Beijing rejects Trump's tariff warning, says Brics promotes ‘win-win cooperation'
BEIJING, July 7 — China said today that Brics, the grouping that also includes Brazil, Russia and India, was not seeking 'confrontation' after US President Donald Trump vowed to impose an extra 10 per cent tariff on countries aligning with the bloc. 'Regarding the imposition of tariffs, China has repeatedly stated its position that trade and tariff wars have no winners and protectionism offers no way forward,' foreign ministry spokeswoman Mao Ning said. Trump said he would send the first tariff letters to various countries on Monday, days before his deadline for trading partners to reach a deal expires. He said on Sunday he would send a first batch of up to 15 letters, warning that US levies on imports would snap back to the high levels he set in April if countries failed to make agreements. And, in a post on his Truth Social network, he threatened a further 10 per cent tariff on countries aligning themselves with the emerging Brics nations, accusing them of 'anti-Americanism' after they slammed his tariffs at a summit in Rio de Janeiro on Sunday. Conceived two decades ago as a forum for fast-growing economies, Brics has come to be seen as a Chinese-driven counterbalance to US and western European power. However, Beijing defended the grouping on Monday as 'an important platform for cooperation between emerging markets and developing countries'. 'It advocates openness, inclusivity and win-win cooperation,' Mao said. 'It does not engage in camp confrontation and is not targeted at any country,' she said. — AFP
Malay Mail
an hour ago
- Malay Mail
SRC US$1.1b suit: Lawyer says Najib changed his story five times on how RM42m wound up on his books
KUALA LUMPUR, July 7 — Former prime minister Datuk Seri Najib Razak gave five conflicting explanations in court for how US$120 million from SRC International ended up in his personal bank account, the High Court heard today. SRC counsel Datuk Lim Chee Wee said it was proven in trial that the funds from SRC International were credited into Najib's personal account for personal enrichment — with Najib giving five different versions under oath to justify said receipt in court. Lim said this in his submission at the close of the defendant's case in SRC International's US$1.18 billion civil suit against Najib and former SRC chief executive Nik Faisal Ariff Kamil, who is currently at large. Listing the five versions, Lim said Najib had variously: Denied receiving monies stemming from SRC Asserted his account was for corporate social responsibility purposes Claimed he did not manage his account Claimed the monies were donations Claimed his account was merely a pass-through entity 'In the context of credibility and tort of misfeasance, the first defendant was confronted with his affidavit in which he confirmed receipt of RM42 million from SRC. Lim said Najib vaguely stated that the affidavit was 'very badly drafted', then later claimed that the admission was the 'allegation at that time'; before suddenly claiming it was his own knowledge but stated he was misled at that time. 'He (Najib) then backtracked and stated that 'I am not saying I am misled, but that was the information that was given to me.' 'Curiously, when questioned as to who provided this incorrect information, the first defendant could not provide an answer. Lim said Najib later claimed that he was misled by 'media reporting including social media' during his re-examination. 'Even if true, this reflects the grave recklessness for a prime minister to rely on unverified public commentary on social media to justify why RM42 million had entered into his personal account,' Lim said. Lim also said while SRC International was intended to fulfill its intended public purpose, SRC became the vehicle and victim of large-scale fraud, with Najib as its primary beneficiary. 'While SRC suffered a devastating loss of US$1.18 billion, the first defendant personally received US$120 million into his own accounts and RM42 million which is the subject matter of a separate suit. 'It cannot be said that the first defendant was acting in the best interests of Malaysia, nor can his actions be downplayed to mere recklessness. 'The first defendant's concealment of receipt throughout SRC's lifespan actively confirmed his malice and knowledge in his misfeasance,' he said. The hearing before trial judge Datuk Ahmad Fairuz Zainol Abidin resumes tomorrow. Imprisoned since August 23, 2022, Najib is serving a 12-year jail sentence and a RM210 million fine for his conviction over the misappropriation of RM42 million from SRC International, which has recently been reduced to six years of imprisonment and a RM50 million fine by the Pardons Board. SRC, under new management, sued Najib and several former directors — Datuk Suboh Md Yassin, Datuk Mohammed Azhar Osman Khairuddin, Nik Faisal, Datuk Che Abdullah @ Rashidi Che Omar, Datuk Shahrol Azral Ibrahim Halmi, and Tan Sri Ismee Ismail — in May 2021. However, five names were later removed from the suit, leaving Najib as the sole defendant. Additionally, Najib has named the former directors of SRC International as third-party respondents. SRC, as the plaintiff in the writ of summons, has alleged that Najib abused his power to obtain personal benefits from SRC International's funds and misappropriated these funds. Najib served as SRC's Emeritus Adviser from May 1, 2012 until March 4, 2019. Now wholly owned by the Ministry of Finance Incorporated (MoF Inc), SRC International is seeking general damages, exemplary damages, additional interest, costs, and other appropriate relief from the court. The company seeks a declaration that Najib is liable for the company's losses due to his breach of duties and trust. It is also seeking an order for Najib to pay US$1.18 billion in losses suffered, along with damages for breach of duties and trust, including an order for him to compensate the US$120 million that entered his bank account.
Barnama
an hour ago
- Barnama
Bank Negara's International Reserves Rise To US$120.6 Bln
KUALA LUMPUR, July 7 (Bernama) -- The international reserves of Bank Negara Malaysia (BNM) rose to US$120.6 billion (US$1=RM4.20) as of June 30, 2025, up from US$119.9 billion recorded on June 13, 2025. In a statement today, the central bank said the reserves position is sufficient to finance 4.8 months of imports of goods and services, and is 0.9 times the total short-term external debt. The main components of the reserves were foreign currency reserves (US$107.0 billion), the International Monetary Fund reserve position (US$1.3 billion), special drawing rights (SDRs) (US$5.9 billion), gold (US$4.1 billion) and other reserve assets (US$2.3 billion).
