Ringgit rises against US$ in early trading
At 8.01 am, the ringgit rose to 4.2230/2450 against the greenback, compared to Monday's close of 4.2320/2365
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said he expects the ringgit to maintain its positive performance today.
However, he pointed out that the uncertainties over the US tariff would continue to affect market sentiments.
Mohd Afzanizam said signals from the US official were rather mixed and uncertain, with US Treasury Secretary Scott Bessent indicating that the Trump administration is more concerned with the quality of trade agreements than their timing.
"The back and forth statements on the tariff plans would mean the scope for negotiation is widely open,' he told Bernama.
Mohd Afzanizam said the Malaysian economy performed reasonably well in the first half of 2025, and Bank Negara Malaysia's preemptive move to cut the Overnight Policy Rate, coupled with an expansionary fiscal policy, should help support Malaysia's gross domestic product growth in the second half.
He added that while the outlook remains challenging, growth prospects for Malaysia are expected to stay fairly resilient.
Meanwhile, SPI Asset Management managing partner Stephen Innes said the wider spread between the ringgit and the US dollar this morning reflected two key factors, one of which is heightened scrutiny on the Tokyo cash open following the weekend election and Monday's holiday, developments that could trigger moves in the yen if Japanese Government Bond (JGB) yields respond.
"The seasonal liquidity is thin across broader foreign exchange markets, amplifying any headline-driven swings,' he added.
Innes said the ringgit is holding firm amid general US dollar weakness after Bessent called for a review of the US Federal Reserve, stoking fresh concerns about the US central bank's independence.
At the opening, the ringgit was mostly traded easier against a basket of major currencies.
It dipped against the Japanese yen to 2.8638/8789 from 2.8612/8644, declined versus the euro to 4.9371/9628 from 4.9277/9330. However, the ringgit was slightly higher against the British pound, rising to 5.6951/7248 from 5.6954/7015 at Monday's close.
The local note trended mostly higher against most ASEAN currencies.
It rose vis-à-vis the Singapore dollar to 3.2969/3146 from 3.2990/3028, and appreciated against the Indonesian rupiah to 258.7/260.1 from 259.2/259.6.
The ringgit fell against the Thai baht to 13.0986/1750 from 13.0754/0954, and edged up versus the Philippine peso to 7.38/7.42 from 7.40/7.41. - Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
5 minutes ago
- New Straits Times
Palm rises on short-covering, firmer palm olein, Chicago soyoil
KUALA LUMPUR: Malaysian palm oil futures rose on Wednesday, extending gains from the previous session, as short-covering by traders and strength in Dalian palm olein and Chicago soyoil lent support. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained RM66, or 1.55 per cent, to RM4,330 (US$1,025.09) a metric ton at the midday break. Strength in Dalian palm olein and Chicago soyoil markets spilled over into crude palm oil futures during the session, a Kuala Lumpur-based trader said. "Dalian's rally was driven by both short-covering and technical buying." Benchmark crude palm oil futures hit a midday high of RM4,334, with short-covering likely emerging after prices broke above the RM4,300-level, the trader added. Dalian's most-active soyoil contract added 0.3 per cent, while its palm oil contract rose 1.59 per cent. Soyoil prices on the Chicago Board of Trade gained 0.79 per cent. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices climbed in Asian trade after falling for three consecutive sessions as a US trade deal with Japan signalled progress on tariffs, though gains were capped by fading hopes for a breakthrough at an EU-China summit. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.12 per cent against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies. European Union soybean imports for the 2025-26 season that began on July 1 reached 519,609 million metric tons by July 20, down 32 per cent year-on-year. Palm oil imports fell 53 per cent year-on-year to 93,234 million tons, according to data published by the European Commission. Palm oil may retest support at RM4,198 per metric ton, a break below could open the way toward RM4,150, Reuters technical analyst Wang Tao said.
The Sun
5 minutes ago
- The Sun
RM100 SARA aid via MyKad ensures transparency, benefits all Malaysians
KUALA LUMPUR: The one-off RM100 cash assistance under the Sumbangan Asas Rahmah (SARA) programme will be disbursed directly through MyKad, ensuring transparency and targeted aid for all Malaysian adults. Deputy Communications Minister Teo Nie Ching emphasised that this approach guarantees the assistance reaches the intended recipients while preventing misuse on non-essential items. Teo stated, 'I believe SARA has clear benefits as it can be used specifically for purchasing basic necessities, and not for buying cigarettes, alcohol, or other non-essential items.' 'So with the aid channelled through MyKad, this initiative can truly benefit all Malaysians aged 18 and above,' she added. The initiative, announced by Prime Minister Datuk Seri Anwar Ibrahim, involves an allocation of RM2 billion and is expected to benefit over 22 million Malaysians. Additionally, Teo welcomed the increased allocation for the Rahmah MADANI Sales programme, which has doubled from RM300 million to RM600 million this year. She highlighted its affordability, citing examples such as instant noodles sold at RM3.70 compared to higher supermarket prices. Teo also praised the government's decision to set RON95 petrol at RM1.99 per litre through a targeted subsidy mechanism, ensuring only Malaysians benefit. Earlier today, Anwar announced several key initiatives, including the RM100 SARA aid, toll hike postponements, and the new subsidised fuel price. – Bernama
Borneo Post
5 minutes ago
- Borneo Post
PMX's special announcement shows Malaysia's strong economic fundamentals - Hajiji
Chief Minister of Sabah Datuk Seri Panglima Hajiji Noor — Bernama photo KOTA KINABALU (July 23): The State Government views Prime Minister Datuk Seri Anwar Ibrahim's special announcement to ease the people's cost of living as an indication of the nation's strong economic fundamentals under the Madani Government. Chief Minister Datuk Seri Panglima Hajiji Noor said the State Government welcomed the people-centric initiatives as they were meant to lessen the burden of the rakyat. 'It shows that the Prime Minister has the people's interest at heart,' he said in a statement here on Wednesday. Hajiji said the RM100 one-off assistance for all Malaysian citizens aged 18 and above to purchase basic goods in 4,100 shopping outlets, coupled with the expansion of the Rahmah Madani sales to every state constituency, is a boon to the rakyat. He also noted that the lowering of the RON95 petrol price to RM1.99 per litre through the targeted subsidy initiative, which is expected to benefit more than 18 million Malaysians, fulfilled the aspirations of the people. 'The declaration of the eve of Malaysia Day (September 15) as a public holiday, is a Federal Government's recognition of the special day for the whole country,' he said.
