The ringgit opened 130 basis points higher against the US dollar
bernama
13/06/2024
Pada 9.05 pagi, ringgit meningkat kepada 4.7030/7070 berbanding dolar AS daripada 4.7160/7185 ketika ditutup pada Rabu. -Gambar fail/Bernama
The ringgit opened 130 basis points higher against the US dollar
At 9.05am, the ringgit rose to 4.7030/7070 against the US dollar from 4.7160/7185 when it closed on Wednesday. -Photo file/Bernama
KUALA LUMPUR: The ringgit opened higher against the United States (US) dollar on Thursday, driven by the resurgence of buying interest when the US Federal Reserve (Fed) kept interest rates unchanged, thus signaling a rate cut is expected this year.
At 9.05am, the ringgit rose to 4.7030/7070 against the US dollar from 4.7160/7185 when it closed on Wednesday.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) hovered below 105 points last night, indicating the weakness of the dollar as the market believed more monetary policy easing measures would be taken by the Fed.
He said however, the Fed's latest results and guidance suggest the US central bank may cut interest rates only once, in contrast to expectations in March of three times.
However, the market is seen increasing their expectations for two interest rate cuts in September and December this year.
"Thus, the ringgit may benefit from this with USD/MYR approaching the RM4.7000 level today," he told Bernama.
Meanwhile, the ringgit is trading low against several major currencies.
The local unit was lower against the Japanese yen to 2.9999/3.0027 from Wednesday's close of 2.9977/9995 and eased against the euro to 5.0863/0906 from 5.0711/0738.
The ringgit fell against the British pound to 6.0189/0240 from 6.0157/0189 yesterday.
The domestic unit traded mixed against Asean currencies.
The ringgit rose against the Indonesian rupiah to 288.5/289.0 from 289.3/289.7 at Wednesday's close and higher against the Philippine peso to 8.03/8.05 from 8.04/8.05.
However, the ringgit fell against the Singapore dollar to 3.4889/4921 from 3.4879/4900 yesterday and was lower against the Thai baht to 12.8719/8881 from 12.8529/8643.
