Ringgit strengthens as investor sentiment shifts towards emerging market currencies
At 6pm, the local note rose to 4.1995/2005 versus the greenback from Monday's close of 4.2060/2130.
SPI Asset Management managing partner Stephen Innes said the US dollar's status as a default safe-haven currency is increasingly being reassessed, prompting investors to explore opportunities in regional currencies such as the ringgit.
'The current low-volatility environment is encouraging greater risk appetite, particularly for emerging market currencies.
'Notably, the ringgit, often considered a regional laggard, is breaking through key technical resistance levels despite Malaysia offering comparatively lower yields than some other emerging market peers,' he told Bernama.
In our region, the Korean won, Thai baht and ringgit were among the top performers, he added.
At the close, the ringgit traded lower against a basket of major currencies.
It depreciated against the Japanese yen to 2.9351/9389 from 2.9156/9206, eased versus the British pound to 5.7797/7866 from 5.7597/7693, and fell against the euro to 4.9566/9625 from 4.9290/9372 yesterday.
The local note was traded mixed against its Asean counterparts.
It strengthened against the Indonesian rupiah to 258.9/259.4 from 259.0/259.5 and rose against the Philippine peso to 7.45/7.46 from 7.46/7.48 previously.
However, it shed vis-à-vis the Singapore dollar to 3.3015/3059 from 3.2986/3034 and shrank against the Thai baht to 12.9363/9585 from 12.9356/9627 yesterday. — Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
2 hours ago
- Free Malaysia Today
O&G consultant loses RM2.7mil to ‘Nova 88' investment scam
The victim realised he had been duped when each attempt to withdraw his purported profits required additional payments. PETALING JAYA : An oil and gas consultant in Perak lost over RM2.7 million to a non-existent investment scheme advertised on a website. Perak police chief Noor Hisam Nordin said the 37-year-old man lodged a report on June 29 at the Ipoh police headquarters, claiming he had been scammed through an online investment platform known as 'Nova 88'. He said preliminary investigations found the victim had registered an account on the website in April 2023 through a contact, now the main suspect, whom he had met via WhatsApp. The victim made an initial deposit of RM30,000 and was then given a user ID and password to monitor the supposed investment. 'Between Jan 5, 2024, and May 20, 2025, the victim made 136 fund transfers to seven different accounts, totalling RM2,701,687. 'The funds came from his savings and contributions from family members,' Bernama reported Noor Hisam as saying. He said the victim realised he had been duped when each attempt to withdraw his purported profits required additional payments. To date, he has been unable to access any returns, with the suspect having offered numerous excuses before eventually becoming unreachable. The case is being investigated under Section 420 of the Penal Code for cheating. Noor Hisam advised the public to avoid any form of investment offered through unlicensed, unregistered or unregulated websites. 'Such investments carry high risks and can lead to significant financial losses. Always verify the background of any investment company with recognised authorities such as Bank Negara Malaysia or the Securities Commission,' he said.
New Straits Times
4 hours ago
- New Straits Times
Malaysia targets Thai visitors with sustainable travel campaign ahead of VM2026
BANGKOK: Malaysia launched a major campaign to attract more Thai travellers ahead of Visit Malaysia 2026 (VM2026), promoting the country as a top destination for sustainable and inclusive travel experiences. Tourism, Arts, and Culture Minister Datuk Seri Tiong King Sing said VM2026 highlights Malaysia's wide-ranging tourism assets, including eco-parks in Sabah and Sarawak, Unesco heritage sites, vibrant multicultural urban experiences, and tranquil coastal retreats. "We are focusing on seamless accessibility, improved infrastructure, and sustainability-driven experiences that meet the changing preferences of modern travellers," he said in his speech during the VM2026 launch event in Bangkok on Tuesday. Tiong, who is currently leading a tourism promotional campaign in Bangkok, remarked that Thailand and Malaysia share a strong friendship rooted in shared cultural values, people-to-people connections, and robust cross-border trade. He underscored that as Southeast Asia recovers in the post-pandemic era, tourism is regaining its status as a critical pillar for regional economic revitalisation. "Within Asean, we must see each other as collaborators rather than competitors. By working together, we can strengthen travel corridors, offer more appealing tourism packages, and create richer, more meaningful experiences for both regional and international visitors," he said. For the record, Malaysia received 13.4 million international visitors from January to April this year, marking a 21 per cent increase compared to the same period last year. Of these, 833,610 visitors were from Thailand, representing a 3.4 per cent year-on-year growth and solidifying Thailand's status as a key market. - BERNAMA
Free Malaysia Today
4 hours ago
- Free Malaysia Today
BNM says ringgit is market-determined
Bank Negara Malaysia said the country adopts a flexible exchange rate. (AP pic) PETALING JAYA : Bank Negara Malaysia (BNM) said the ringgit's exchange rate is market-determined and that the central bank's derivative positions are used to manage liquidity conditions. 'BNM's short forward positions reflect the central bank's activities in managing the liquidity needs of the domestic financial market for effective financial intermediation,' the central bank said in an emailed statement. 'These positions are utilised to manage liquidity conditions and not to influence exchange rates in the foreign exchange market,' BNM said. Some of emerging Asia's biggest central banks look to be dialing back interventions in the currency market and policymakers in India and Malaysia have reduced the size of some derivative positions, Bloomberg News reported on June 22. 'Malaysia adopts a flexible exchange rate,' BNM said. 'BNM's presence in the foreign exchange market, if any, is to manage excessive volatility in the exchange rate and ensure orderly market conditions,' it said.
