Ringgit rises against US dollar at the close on easing tensions in Middle East
KUALA LUMPUR — The ringgit ended higher against the US dollar, buoyed by the apparent ceasefire in the Israel-Iran conflict, said an economist.
At 6 pm, the local note rose to 4.2410/2465 versus the greenback from Monday's close of 4.2915/2980.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the de-escalation also led benchmark Brent crude oil prices to retreat to US$69.56 per barrel as risks to global oil supply appear contained for now.
'Financial markets are responding with a sense of relief, and risk appetite is gradually returning.
'Still, it's early days. Investors remain cautious amid lingering uncertainties — particularly with the US tariff pause set to expire in early July,' he told Bernama.
On the domestic front, Mohd Afzanizam said Malaysia's latest consumer price index (CPI) reading of 1.2 per cent reinforces the view that monetary policy remains tight, with real interest rates rising further.
'In summary, market sentiment may stay guarded in the short term, while policymakers are likely to remain vigilant in balancing growth and stability,' he added.
At the closing, the ringgit traded mostly lower against a basket of major currencies.
It trended lower against the Japanese yen at 2.9256/9296 from 2.9028/9074 at Monday's close, declined versus the British pound to 5.7707/7782 from 5.7437/7524, but improved against the euro to 4.9225/9289 from 4.9236/9311 previously.
The local note trended higher against its ASEAN counterparts.
It advanced vis-a-vis the Indonesian rupiah to 259.3/259.7 from 260.2/260.7 at yesterday's close and gained against the Philippine peso to 7.41/7.44 from 7.44/7.46.
The ringgit also appreciated against the Singapore dollar to 3.3130/3178 from 3.3188/3243 and strengthened to 12.9793/13.0021 from 12.9998/13.0250 versus the Thai baht previously. — BERNAMA
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
5 hours ago
- Barnama
Retired Woman Loses RM436,000 In Online IPO Investment Scam
GEORGE TOWN, June 28 (Bernama) -- A 62-year-old retired airline programme manager recently lost RM436,000 of her life savings after falling victim to an online investment scam involving fake initial public offering (IPO). Penang Deputy Police Chief Datuk Mohd Alwi Zainal Abidin said the woman lodged a report with the Timur Laut Commercial Crime Investigation Division after discovering she had been deceived by a fraudulent scheme. The scam was promoted through a WhatsApp group called 'enspire capital', which promised high-returns through IPO investments. The victim was instructed to download an app named 'freeman plus' as the investment platform. 'Between May 12 and June 2, she made 56 fund transfers to four different company accounts. Despite the promises, she received no returns. Instead, the suspects kept requesting additional payments,' he said in a statement tonight. Investigations found the victim used her personal and Employees Provident Fund (EPF) savings to finance the so-called investments. Mohd Alwi said efforts are ongoing to identify and track down the syndicate responsible. The case is being investigated under Section 420 of the Penal Code for cheating. -- BERNAMA
Free Malaysia Today
6 hours ago
- Free Malaysia Today
Cut SST to 4% and postpone new tax to January, says Chinese chamber
The Associated Chinese Chambers of Commerce and Industry of Malaysia said rising costs, which have been felt in 2025, are expected to persist next year. KUALA LUMPUR : A business chamber has urged the government to cut the sales and service tax to 4%, provide higher thresholds and expanded exemptions, and postpone implementation of the expanded tax to January to allow businesses more time to prepare. The Associated Chinese Chambers of Commerce and Industry of Malaysia said in a statement that adequate preparation was crucial to ensure better compliance and smooth implementation, Bernama reported. The chamber called for: a lower tax rate of 4% in the first two years (2026–2027) to ease the burden on businesses and consumers; a higher registration threshold, from RM2 million to RM3 million, for service tax on leasing, rental and construction services; a higher tax exemption threshold, of RM2 million in annual sales instead of RM1 million announced on Thursday, for small and medium-sized enterprises. 'We also propose a longer exemption period of 36 months for non-reviewable and reviewable contracts, to cover all project types due to the nature of the projects and their cycles,' the chamber said. The expanded SST applies to additional services (wellness centres, financial, and healthcare) and three new services (rental or leasing, construction works, and education), and is due to begin on July 1. The chamber said in a statement that it 'cautiously welcomed' the government's review of the expanded SST announced on Thursday. However, the chamber said there were concerns over multiple cost increases coinciding with a challenging global and domestic economic environment, exacerbated by the uncertainty surrounding US trade tariff policies and ongoing conflicts in the Middle East. 'The effects of rising costs, which have been felt in 2025, are expected to persist or influence the business and economic landscape in 2026,' it added.
Daily Express
6 hours ago
- Daily Express
Malaysia, Russia to deepen nuclear energy ties
Published on: Saturday, June 28, 2025 Published on: Sat, Jun 28, 2025 By: Bernama Text Size: Bernama pic MOSCOW: Malaysia and Russia will strengthen cooperation in nuclear energy development, covering institutional, technical, legal, and human capital areas, said Deputy Prime Minister Fadillah Yusof. Fadillah, also Energy Transition Minister, noted Russia's experience and advanced technology could support Malaysia's energy goals under the National Energy Transition Roadmap. During his four-day visit, Fadillah met Russian Deputy PM Alexey Overchuk and Rosatom chief Alexey Likhachev, discussing nuclear tech transfer, legal frameworks, training, and power grid upgrades. He said Cabinet had agreed in principle to consider nuclear power in Malaysia's future energy mix to reduce reliance on coal and gas. However, Fadillah stressed that public support and thorough studies are essential before moving forward. His visit followed Prime Minister Anwar Ibrahim's Russia trip in May. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
