Ringgit opens marginally higher vs US dollar
At 8 am, the local note rose to 4.2125/2280 against the greenback, from Thursday's close of 4.2195/2255.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit remains well-supported, underpinned by the government's commitment to ongoing fiscal reforms such as the sales and service tax (SST) and RON95 subsidies rationalisation.
"The foreign interest in Malaysian Government Securities (MGS) and Government Investment Issue (GII) has also been quite positive," he told Bernama.
On the dollar performance, Mohd Afzanizam said the US Dollar Index (DXY) rose 0.42 per cent to 97.18 points as the latest jobs report indicates a resilient US labour market.
He said the US economy looks resilient, which has led to lower expectations for an interest cut by the US Federal Reserve (Fed).
"The two-year US Treasury note yielded 10 basis points higher to 3.88 per cent," he told Bernama.
At the close, the ringgit traded mostly lower against a basket of major currencies.
It advanced against the Japanese yen to 2.9098/9207 from 2.9333/9376, appreciated versus the British pound to 5.7568/7780 from 5.7621/7703, and rose against the euro to 4.9577/9759 from 4.9756/9827 yesterday.
The local note also traded higher against its ASEAN counterparts.
It improved vis-à-vis the Singapore dollar to 3.3057/3182 from 3.3146/3196, went up against the Thai baht to 12.9835/13.0421 from 13.0211/0457, and strengthened against the Philippine peso to 7.48/7.52 from 7.50/7.51.
However, it was almost flat against the Indonesian rupiah at 260.0/261.1 from 260.5/261.0 at yesterday's close. - Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
37 minutes ago
- The Sun
MTD kicks off two projects in Malacca
AYER KEROH: MTD Properties Sdn Bhd is set to develop two property projects here, comprising residential and industrial units, with phased construction expected to begin this year. MTD group CEO Reime Rizal Abd Aziz stated that the projects – to be developed in Taman Tasik Utama, Ayer Keroh – are the MTD Nexus 28 Industrial Park, slated for launch in August, and MTD Elysia Heights in October. 'The development of MTD Nexus 28 Industrial Park will be a modern industrial estate equipped with smart systems and solar PV panel installations to support sustainability. The project will involve 87 industrial units or factory lots, primarily targeting the small and medium enterprise sector. 'Meanwhile, MTD Elysia Heights is a residential development comprising 197 units designed with a contemporary concept – offering stylish living, comfort, and long-term value to buyers who prioritise quality of life in a strategic location. The development will complement the overall township plan for Taman Tasik Utama,' he told Bernama. Reime Rizal said the two property projects will span approximately 8.89ha, with each expected to be completed within two years of commencement. In terms of pricing, the industrial units at MTD Nexus 28 Industrial Park will start from RM650,000 per unit, while the residential units at MTD Elysia Heights will be priced from RM430,000 each.
The Star
2 hours ago
- The Star
Anwar: Proposed carbon tax not hindrance for investors
Prime Minister Datuk Seri Anwar Ibrahim - Photo: Bernama PARIS: As the proposed carbon tax is being finalised, the government today gave an assurance that its implementation will not create a problem for investors. Prime Minister Datuk Seri Anwar Ibrahim said he knew that the trend towards decarbonisation is strong and compelling. "But I think we have to be very realistic. The proposed carbon tax should not be seen as too problematic at the expense of investing companies,' he said during a question and answer session at the Roundtable Meeting with Captains of Industry in Paris, the capital of France on Friday. Also present were Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, Foreign Minister Datuk Seri Mohamad Hasan, Transport Minister Anthony Loke, Agriculture and Food Security Minister Datuk Seri Mohamad Sabu and Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. Anwar, who is here on a two-day official visit, said the implementation has to be done cautiously and gradually. "We are finalising that in the next few months actually,' he said, adding that they are looking at sectors that are the biggest carbon emitters first. Despite the palm oil industry being an important sector for Malaysia, Anwar said any new plantations on peat soil have been stopped due to its high carbon emissions. The government is planning to introduce the carbon tax in 2026, specifically targeting the iron, steel and energy industries. It is part of the government's broader strategy to promote the use of low-carbon technologies and meet emission reduction goals. Industry leaders who attended the session with the Prime Minister praised the government and the country for providing a good investment climate in Malaysia. On tourism, Anwar said the number of tourists from France visiting Malaysia has increased tremendously. "We have direct flights from Paris now. You can swim the whole year due to our favourable climate,' he quipped, citing the newly introduced Kuala Lumpur-Paris route by Malaysia Airlines. Anwar also assured French companies considering investments in Malaysia or the ASEAN region that both represent some of the fastest-growing and most dynamic economies in the world. - Bernama
The Star
2 hours ago
- The Star
Ringgit rebounds slightly as market anticipates mild US tariffs
KUALA LUMPUR: The ringgit ended marginally higher against the US dollar today, buoyed by growing expectations of a possible compromise on upcoming US tariff measures. At 6 pm, the local note appreciated to 4.2180/2260 against the greenback from Thursday's close of 4.2195/2255. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the modest rebound was partly driven by optimism that Washington may settle on a softer set of tariffs as it nears the finalisation of tariffs for selected countries. "There is speculation that the finalised tariffs could be less severe than the initial proposals announced in early April, which has helped ease some market concerns. "The ringgit was weaker earlier in the session, slipping to 4.2383, but later recovered to as high as 4.2175 during today's session,' he told Bernama. Nonetheless, Mohd Afzanizam noted that overall sentiment remained cautious, with investors staying on the sidelines as they await greater clarity on trade policy directions and their broader implications. At the close, the ringgit traded higher against a basket of major currencies. It rose against the euro to 4.9675/9770 from 4.9756/9827, appreciated against the Japanese yen to 2.9225/9282 from 2.9333/9376, and advanced versus the British pound to 5.7601/7710 from 5.7621/7703 yesterday. The local note traded mixed against its ASEAN counterparts. It improved vis-à-vis the Singapore dollar to 3.3114/3182 from 3.3146/3196, and rose against the Philippine peso to 7.47/7.49 from 7.50/7.51. However, it slipped against the Thai baht to 13.0302/0609 from 13.0211/0457, and shed against the Indonesian rupiah to 260.6/261.2 from 260.5/261.0 previously. - Bernama
