Ringgit extends gain vs US dollar in opening trade
Malaysia's economy was forecast to grow by 4.5 per cent in the second quarter based on advance gross domestic product (GDP) estimates last Friday, slightly outpacing the previous quarter's 4.4 per cent.
At 8 am, the ringgit rose to 4.2330/2540 against the greenback, compared to Friday's close of 4.2410/2455.
However, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid sees the ringgit remaining in a narrow range as concerns over US tariffs continue to affect market sentiment as the Aug 1 deadline looms. 'As such, expect ringgit to range between RM4.24 and RM4.25 today as traders remain fairly cautious,' he told Bernama.
At the opening, the ringgit was traded mostly higher against a basket of major currencies.
It dipped against the Japanese yen to 2.8518/8662 from 2.8517/8549, strengthened against the British pound to 5.6790/7072 from 5.6999/7060 and advanced versus the euro to 4.9230/9474 from 4.9336/9388 at Friday's close.
The local note also trended higher against most ASEAN currencies.
It rose vis-à-vis the Singapore dollar to 3.2944/3110 from 3.3027/3065, gained against the Thai baht to 13.0608/1337 from 13.3027/3065, appreciated against the Indonesian rupiah to 259.7/261.1 from 260.2/260.6 and edged up versus the Philippine peso to 7.40/7.44 from 7.41/7.43. previously. — BERNAMA
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Express
22 minutes ago
- Daily Express
‘Pay-as-you-use' mulled at new affordable housing schemes
Published on: Tuesday, July 22, 2025 Published on: Tue, Jul 22, 2025 By: Bernama Text Size: Prime Minister Anwar Ibrahim (third from left) and housing and local government minister Nga Kor Ming (left) looking at a model of the Rumah Bakat Madani project at its launch in Seberang Jaya, Penang, on Saturday. (Bernama pic) Kuala Lumpur: The Housing and Local Government Ministry is exploring a 'pay-as-you-use' model for maintenance fees in future affordable housing developments, as part of housing sector reforms. Minister Nga Kor Ming said the initiative is part of efforts to elevate the real estate industry and promote more equitable access to housing for all Malaysians. Speaking to reporters at the Kuala Lumpur Architecture Week (KLAW) 2025 Monday, Nga said the Ministry plans to introduce a system which allows residents to pay maintenance fees based on actual usage of shared facilities. 'Under this proposed model, residents will receive access cards that track their monthly usage of shared facilities. We are starting with the Rumah Bakat Madani initiative led by Skyworld Pearlmont in Penang, which features a pay-per-use clubhouse with an infinity pool, pickleball and badminton courts, a children's playground, and gyms,' he said. Nga added that the concept will serve as a reference for future public housing projects. 'This will serve as a reference model for future public housing projects, which may also include vertical schools to provide better access to education for vulnerable communities,' he said. In addition, the ministry plans to engage private sector players to develop Industrialised Building System (IBS) facilities, aiming to expand the use of modular construction methods such as Prefabricated Prefinished Volumetric Construction (PPVC). Nga said this initiative aligns with Malaysia Madani aspirations and the nation's role as President of the UN-Habitat General Assembly, supporting sustainable urban development by reducing construction waste and minimising pollution. Commenting on KLAW 2025, Nga highlighted the importance of architecture in rejuvenating heritage buildings. 'Architectural elements play a vital role in breathing new life into heritage buildings, preserving their cultural significance while integrating modern design,' he said. KLAW 2025 is held as a prelude to the Asean Real Estate Conference (AREC) and Archidex. The series of large-scale events, being held this week at the Malaysia International Trade and Exhibition Centre (Mitec) and Kuala Lumpur Convention Centre (KLCC), is expected to attract over 50,000 foreign visitors, generating an estimated RM2 billion in transactions.
The Star
30 minutes ago
- The Star
Fahmi: Refining needed to prevent public burden
Another update: Fahmi speaking at the weekly press conference in the Parliament building. — Bernama KUALA LUMPUR: The plan to implement targeted subsidies for RON95 petrol has been delayed due to the need for a more detailed review of the mechanism, says Communications Minister Datuk Fahmi Fadzil. He said the government is currently fine-tuning every aspect of the policy to ensure that its implementation will not have an adverse impact on the public. Fahmi said Datuk Seri Anwar Ibrahim had also addressed the matter during the recent government retreat involving MPs. 'The Prime Minister expressed his view that he does not want the implementation of any policy to negatively affect the majority of the rakyat. 'It is this fine-tuning process that has resulted in a slight shift in the timeline,' he told a weekly press conference at Parliament House yesterday. Fahmi, who is also the government spokesman, said several adjustments had already been made to earlier policies to avoid burdening the people. 'That is one of the reasons why, following the implementation of measures such as the diesel subsidy rationalisation and other efforts, we found it necessary to re-examine the subsidy delivery mechanism. 'In the same spirit of minimising impact, even the expansion of the Sales and Service Tax underwent further refinements after it was announced. 'The same approach applies to policies that have yet to be implemented but were previously indicated including the targeted subsidy for RON95,' he added. The rationalisation of the RON95 subsidy was initially expected to be introduced by the middle of this year. Earlier this month, Finance Minister II Datuk Seri Amir Hamzah Azizan said the government was in the final stages of preparing for its implementation. The move is part of broader fiscal reforms aimed at curbing leakages and ensuring high-income groups contribute more fairly to national revenue.
The Star
30 minutes ago
- The Star
Proposal to link Kota Baru to Pasir Mas with ECRL under review
KOTA BARU: The proposal to extend the East Coast Rail Link (ECRL) from Kota Baru to Rantau Panjang is still being studied by the Malaysia Rail Link Sdn Bhd (MRL) and the Transport Ministry. Kelantan Deputy Menteri Besar Datuk Dr Mohamed Fadzli Hassan said the proposal is seen as relevant as the Malaysian and Thai governments have agreed to revive the existing railway line between Pasir Mas and Sungai Golok under Keretapi Tanah Melayu Berhad (KTMB) to reconnect the railway network between the two countries. He said the Kelantan government is proposing that the ECRL line be extended to Rantau Panjang in Pasir Mas from Kota Baru and not to the original line in Tumpat. 'However, it is still under study by MRL and the Transport Ministry to extend the ECRL line from Kota Baru to Rantau Panjang, Pasir Mas,' he said, Bernama reported. He said this when replying to a supplementary question by Mohd Adanan Hassan (PAS-Kelaboran) regarding the state government's efforts to submit a proposal to implement the ECRL to the original alignment, which is Tumpat, at the State Legislative Assembly sitting in Kota Darulnaim Complex yesterday. Earlier, Transport Minister Anthony Loke said his ministry was examining a proposal to extend the ECRL route from Kota Baru to Rantau Panjang, to facilitate the rail network with Thailand. The ECRL project is expected to be fully completed by the end of 2026, and train services for the Kota Baru to Gombak, Selangor route will be operational by January 2027, while the second line from Gombak to Port Klang is expected to be completed a year later.
