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Ringgit opens firmer against US dollar amid renewed US rate cut hopes

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KUALA LUMPUR — The ringgit opened stronger against the US dollar on Monday as hopes for an upcoming United States (US) rate cut increased following the latest data that showed a weaker US labour market, an economist said.

At 8 am, the local note climbed to 4.2350/2550 against the greenback from Friday’s close of 4.2750/2815.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that the US Non-farm Payroll (NFP) data came in lower than expected and surprised the market.

The US Bureau of Labour Statistics (BLS) reported on Friday that NFP stood at 73,000 for July, coming in much lower than the market consensus of 110,000.

Mohd Afzanizam believed that the US labour market has weakened, which would bolster the case for an interest cut in the upcoming Federal Open Market Committee (FOMC) meeting in September.

“Already, the US Dollar Index (DXY) has declined to 98.708 points while the 2-year US Treasury yield saw a steep drop by 25 basis points to close at 3.69 per cent last Friday.

“On that note, the ringgit may gain some strength today, having depreciated by 0.22 per cent on Friday to 4.2782,” he said, adding that the ringgit is likely to trade within a range of 4.26 to 4.27 today.

Nevertheless, the ringgit was lower against other major currencies in early trade.

It weakened against the Japanese yen to 2.8749/8887 from 2.8407/8452 on Friday, fell slightly against the British pound to 5.6296/6562 from 5.6208/6293, and was lower against the euro at 4.9075/9307 from 4.8752/8826.

Conversely, the local unit was mostly higher versus regional currencies.

The ringgit rose against the Singapore dollar to 3.2873/3031 from Friday’s close of 3.2907/2960, but slipped versus the Thai baht to 13.0388/1084 from 13.0058/0319.

It went up against the Philippine peso at 7.28/7.32 from 7.35/7.36 last week and gained against the Indonesian rupiah to 256.4/257.8 from 258.8/259.4. — BERNAMA

The post Ringgit opens firmer against US dollar amid renewed US rate cut hopes appeared first on The Malaysian Reserve.

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MoneyNews

Ringgit to trade at 4.25-4.26 vs greenback on Fed rate cut optimism

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(pic: MUHD AMIN NAHARUL/TMR)

THE ringgit is expected to trade between 4.25 and 4.26 against the US dollar next week, following weaker-than-expected United States (US) Nonfarm Payrolls (NFP) data for July, which may prompt the US Federal Reserve (Fed) to consider an interest rate cut at its September meeting.

The NFP data for July fell short of expectations to just 73,000 jobs, significantly below the consensus estimates of 106,000. 

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the latest NFP data could boost sentiment for the ringgit, as it increases the expectations that the Fed may reduce the Federal Funds Rate in September.

He also noted that NFP figures for the previous two months — May and June — were revised sharply lower, further reinforcing expectations of a potential rate cut.

“Such views were very much aligned with the two dissenters during the last Federal Open Market Committee (FOMC) meeting, which favoured a quarter-point cut. 

“The outlook for Fed Fund Rate was the main consideration among the traders as the Fed was seen as indecisive on further monetary policy accommodation during the recent FOMC meeting,” he told Bernama.

Meanwhile, Mohd Afzanizam said the US government’s recent decision to impose a reciprocal tariff of 19 per cent on Malaysia — down from a previous rate of 25 per cent — could help mitigate the impact.

“This is a welcome move, and there may be room for further negotiations. An improved trade arrangement could prove positive for the ringgit over the medium term,” he added.

Furthermore, he believes that the recently announced 13th Malaysia Plan (13th MP) will support the ringgit in the medium to long term.

Under the plan, development expenditure has been increased to RM430 billion, which is expected to boost domestic demand and encourage investment activities, ultimately supporting Malaysia’s gross domestic product growth.

The 13th MP was tabled by Prime Minister Datuk Seri Anwar Ibrahim in Parliament on Thursday, with a focus on driving sustainable growth based on value creation across all sectors.

On a Friday-to-Friday basis, the ringgit ended the week lower against the greenback, closing at 4.2750/2815 versus 4.2195/2245 previously.

However, the local note traded higher against a basket of major currencies.

The ringgit appreciated vis-à-vis the Japanese yen to 2.8407/8452 from 2.8529/8565 on Friday the previous week, rose versus the euro to 4.8752/8826 from 4.9507/9566 last week, and gained against the British pound to 5.6208/6293 from 5.6786/6853 previously.

Against ASEAN currencies, the ringgit trended mostly higher.

The local note firmed against the Singapore dollar to 3.2907/2960 from 3.2937/2978 at the end of last week, strengthened versus the Thai baht to 13.0058/0319 from 13.0268/0478, and improved against the Philippine peso to 7.35/7.36 from 7.38/7.40 in the preceding week.

However, it edged lower versus the Indonesian rupiah to 258.8/259.4 from 258.5/258.9 in the previous week. — BERNAMA

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MoneyNews

Short-Term rates seen steady next week on BNM operations

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Short-term interbank rates are expected to remain steady next week, underpinned by Bank Negara Malaysia’s (BNM) continued operations to absorb excess liquidity from the financial system.

This week, the central bank intervened daily by conducting reverse repo tenders, overnight reverse repo tenders and Islamic reverse repo tenders to reduce excess funds in the financial system.

On a weekly basis, surplus liquidity in the conventional system rose to RM21.0 billion on Friday from RM17.0 billion a week earlier.

In the Islamic system, surplus liquidity fell to RM25.1 billion compared with RM30.4 billion previously.

The Malaysia Islamic Overnight Rate (MYOR-i) stood at 2.75 per cent as of July 30, 2025. — BERNAMA

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MoneyNewsRinggit

Ringgit closes lower against US dollar amid US tariffs, 13MP

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(TMR File Photo)

KUALA LUMPUR — The ringgit closed lower against the US dollar on Friday as the dollar strengthened following new tariffs imposed by the United States on its trading partners, alongside developments related to the 13th Malaysia Plan (13MP).

At 6 pm, the local note fell to 4.2750/2815 versus the US dollar from yesterday’s close of 4.2650/2730.

The US announced today that it is imposing a reduced 19 per cent tariff on Malaysian imports. The tariffs take effect seven days after 12:01 am on August 1, with goods already in transit granted a seven-day grace period to ease the immediate impact on supply chains.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that despite this positive development, traders remained cautious, and the weakness of the ringgit was somewhat mitigated by the news of the tariff reduction.

He said that the reciprocal tariff of 19 per cent on Malaysia means that the impact would be minimised from the previous tariff rates of 25 per cent.

“There could also be an opportunity for Malaysia to continue to discuss and negotiate with the US, and along the way, the country could get an improved deal. This could be ringgit-positive in the medium term,” Mohd Afzanizam told Bernama. 

He emphasised that the 13MP is anticipated to have a positive impact on the ringgit in the mid to long term. Under the 13MP, development expenditure has been increased to RM430 billion, which is expected to boost domestic demand and encourage investment activities, ultimately supporting Malaysia’s gross domestic product growth.

The 13MP was tabled by Prime Minister Datuk Seri Anwar Ibrahim in Parliament on July 31. It aims to drive sustainable growth based on value creation across all sectors.

Of the RM430 billion allocation, Anwar said more than half, or RM227 billion, will be channelled to the economic sector as the main pillar of the country’s growth.

Meanwhile, at the close, the ringgit ended higher against major currencies.

It rose against the Japanese yen to 2.8407/8452 from 2.8443/8498 at the close on Thursday, appreciated versus the British pound to 5.6208/6293 from 5.6426/6532, and gained against the euro to 4.8752/8826 from 4.8766/8857 previously.

The ringgit was mixed against regional peers.

It improved against the Indonesian rupiah to 258.8/259.4 from yesterday’s 259.1/259.7 and edged higher versus the Thai baht to 13.0058/0319 from 13.0448/0753. 

The local note fell against the Philippine peso to 7.35/7.36 from 7.31/7.33 and weakened against the Singapore dollar to 3.2907/2960 from 3.2889/2953. — BERNAMA

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EPFMoneyNews

EPF supports study on monthly pension payout option for members

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(TMRpic)

THE Employees Provident Fund (EPF) said it will support the government’s proposal under the 13th Malaysia Plan (13MP) to study the introduction of a monthly pension payout scheme for members, while affirming that existing withdrawal mechanisms remain in place for now.

The proposed mechanism, which aims to enhance retirement income security, is being evaluated as part of ongoing policy deliberations.

According to the 13MP report released on July 30, the new scheme would split EPF contributions into two components — retirement savings and a pension — allowing members to receive part of their funds in a lump sum while drawing a monthly pension upon reaching retirement age.

In a statement issued today, the EPF said, “The proposal is currently being studied, and any decision will be made only after thorough engagement with key stakeholders and careful consideration of members’ long-term interests.”

The fund reiterated that “the current EPF rules and withdrawal mechanisms remain unchanged”, and assured members that any updates would be announced through official channels in a timely manner. — TMR

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MoneyNewsRHB

RHB inks 20-year exclusive bancassurance and bancatakaful partnerships worth up to RM1.6b

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(TMRpic)

RHB Banking Group has signed long-term exclusive bancassurance and bancatakaful agreements with Tokio Marine Life Insurance Malaysia Bhd (TMLIM) and its takaful partners, Syarikat Takaful Malaysia Keluarga Bhd (STMKB) and Syarikat Takaful Malaysia Am Bhd (STMAB), collectively referred to as Takaful Malaysia.

The partnerships were formalised via separate distribution agreements between RHB Bank and Tokio Marine Life, and between RHB Islamic and Takaful Malaysia, along with a framework agreement to govern the joint operating and governance framework.

Under these agreements, RHB will exclusively sell, market, and promote Tokio Marine Life’s conventional life insurance products as well as Takaful Malaysia’s family and general takaful products through its network across Malaysia.

The partnerships will span 20 years, commencing August 1, 2025.

RHB is entitled to a total access fee of up to RM1.6 billion, reflecting the projected insurance and takaful business volumes expected over the agreement’s duration, including anticipated sales via its physical branches and digital platforms.

These are expected to contribute positively to RHB’s profit before tax.

“This long term and exclusive banca partnerships reinforces our commitment to staying relevant to our customers, diversifying our income streams and driving sustainable long-term growth,” RHB Banking Group MD and CEO Datuk Mohd Rashid Mohamad in a statement today.

He said the strengthened collaboration is expected to support RHB’s efforts to provide more tailored financial solutions, improve customer engagement, and generate added value for both the bank and its insurance partners.

It also aligns with the group’s PROGRESS27 strategy, which is focused on driving long-term growth through enhanced stakeholder value and expanding non-interest income streams, he added.

Echoing that sentiment, TMLIM CEO Toi See Jong, said: “This reflects the strength, resilience and maturity of our partnership. One that we have built over the years of collaboration and shared ambition. We are confident that this next chapter will see us deliver even greater value to the community, combining Tokio Marine’s global insurance expertise with RHB’s local reach and customer trust.”

Takaful Malaysia’s Group CEO, Nor Azman Zainal, said the partnership would enable the group to expand its takaful offerings and strengthen its presence in the Islamic finance landscape, reinforcing its commitment to delivering ethical, Shariah-compliant protection to a broader segment of consumers across key markets.

The agreement is part of RHB’s ongoing strategy to grow non-interest income and strengthen its foothold in the insurance and takaful space through strategic partnerships with established industry players. — TMR

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The post RHB inks 20-year exclusive bancassurance and bancatakaful partnerships worth up to RM1.6b appeared first on The Malaysian Reserve.

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MoneyNewsRinggit

Ringgit opens flat against US dollar, higher versus other majors

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(Photo by BLOOMBERG)

KUALA LUMPUR — The ringgit opened flat against the US dollar but rose against other major currencies, with investors still weighing the outcome of the Federal Open Market Committee (FOMC) meeting and Washington’s reciprocal tariff measures, which take effect today.

At 8 am, the local note stood at 4.2650/2850 against the US dollar, almost unchanged from Thursday’s close of 4.2650/2730.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that the newly announced tariff will likely support the ringgit and lift investor sentiment.

Earlier, the United States announced a reduced tariff of 19 per cent on Malaysian imports, effective Aug 1, 2025.

On July 7, US President Donald Trump said Washington would impose a 25 per cent tariff on all Malaysian products entering the country, separate from existing sectoral tariffs. The new rate, effective today, is one percentage point higher than the 24 per cent announced in April.

Mohd Afzanizam noted that the US Dollar Index (DXY) continued to rise, gaining 0.15 per cent to reach 99.968 points, supported by the tariff decision and a stronger-than-expected Personal Consumption Expenditures (PCE) price index, which climbed to 2.6 per cent in June.

He said the data suggested inflationary risks remained and could prompt the Federal Reserve (Fed) to keep the Fed Funds Rate unchanged at its September meeting.

“Against such a backdrop, the ringgit is expected to stay soft, possibly around RM4.26. Yesterday, the ringgit weakened by 0.61 per cent to close at RM4.2690.

“It appears that, following the FOMC meeting, the US dollar gained traction as the Fed remains committed to its restrictive policy stance to contain inflation risks,” he added.

At the opening, the ringgit was higher against other major currencies.

It strengthened against the Japanese yen to 2.8277/8411 from 2.8443/8498 on Thursday, rose against the British pound to 5.6328/6592 from 5.6426/6532, and gained against the euro to 4.8711/8939 from 4.8766/8857.

The ringgit was mixed against regional peers.

It was little changed against the Philippine peso at 7.31/7.35 from 7.31/7.33 and flat against the Indonesian rupiah at 259.1/260.5 from 259.1/259.7.

The local note rose against the Thai baht to 13.0169/0876 from 13.0448/0753 and strengthened versus the Singapore dollar to 3.2856/3012 from 3.2889/2953. — BERNAMA

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MoneyNewsRinggit

Ringgit ends lower against US dollar as Fed holds interest rate steady

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(Photo by AFP)

KUALA LUMPUR — The ringgit reversed its gains in the morning to end lower against the greenback on Thursday as the US Federal Reserve (Fed) kept its benchmark interest rate steady overnight.

The Fed funds rate was kept unchanged at 4.25-4.50 per cent.

At 6 pm, the local note fell to 4.2650/2730 versus the US dollar from yesterday’s close of 4.2410/2455.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the Fed’s decision to hold its key interest rate unchanged signalled that the current monetary policy stance is appropriate.

“This implies that the Fed is keen to keep the policy unchanged as concerns over tariff-induced inflation warrant a restrictive monetary policy stance,” he told Bernama. 

Back home, he noted that the tabling of the 13th Malaysia Plan (13MP) by Prime Minister Datuk Seri Anwar Ibrahim in Parliament today saw the development expenditure (DE) allocation raised to RM430 billion from RM400 billion for the next five-year period from 2026 and 2030. “This will help promote domestic demand as this will encourage investment activities, which then will help lift Malaysia’s gross domestic product (GDP) growth. Ultimately, this will be ringgit-positive in the mid to long term,” he said. 

The 13MP, which aims to drive sustainable growth based on value creation across all sectors, involves RM611 billion in investments to ensure the success of the five-year plan, with RM430 billion being the government’s development allocation.

The funding from government-linked companies (GLCs) and government-linked investment companies (GLICs) would amount to RM120 billion to support economic growth through domestic direct investment in strategic sectors, and via the public-private partnership (PPP) method, support from the private sector stands at RM61 billion.

Of the RM430 billion allocation, he said more than half, or RM227 billion, will be channelled to the economic sector as the main pillar of the country’s growth.

At the close, the ringgit ended higher against major currencies.

It rose against the Japanese yen to 2.8443/8498 from 2.8646/8678 at the close on Wednesday, appreciated versus the British pound to 5.6426/6532 from 5.6745/6805, and gained against the euro to 4.8766/8857 from 4.8996/9048 previously.

The ringgit was also mostly higher against regional peers.

It improved against the Philippine peso to 7.31/7.33 from 7.36/7.38, edged higher versus the Thai baht to 13.0448/0753 from 13.0528/0719, and strengthened against the Singapore dollar to 3.2889/2953 from 3.2919/2957.

However, it fell against the Indonesian rupiah to 259.1/259.7 from yesterday’s 258.5/258.9. — BERNAMA

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MoneyNews

Ringgit strengthens on RMK13 optimism and steady Fed stance

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by TMR

The ringgit opened firmer against the US dollar and most major currencies today, buoyed by investor sentiment ahead of the tabling of the 13th Malaysia Plan (RMK13) in Parliament.

The local note appreciated to 4.2370/2570 against the greenback at 8am, up from Wednesday’s close of 4.2410/2455.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said market expectations of stronger development spending under the upcoming national plan have contributed to the ringgit’s upward momentum.

“The 13MP allocation is likely to spur domestic demand, particularly in construction-related sectors,” he told Bernama.

Prime Minister Datuk Seri Anwar Ibrahim is scheduled to present the five-year policy blueprint later today, covering national development goals for the period from 2026 to 2030.

Afzanizam said the current strength of the US dollar remains supported by prevailing interest rate differentials, following the US Federal Reserve’s decision to keep the Federal Funds Rate unchanged at 4.25% to 4.50%.

He added that the Fed’s revised outlook, which reflects a moderation in growth during the first half of the year, reinforces the narrative of cautious policy guidance.

“This aligns with the second-quarter GDP print of 3.0 per cent, largely driven by a sharp 30 per cent drop in imports, which led to a significant net export contribution to overall growth,” he said.

While the Fed maintained rates, the vote was not unanimous, with two members favouring a 25-basis-point cut.

Despite the stronger greenback, the ringgit posted broad gains at the opening.

Against the Japanese yen, it rose to 2.8394/8530 from 2.8646/8678. It also advanced against the British pound to 5.6161/6427 from 5.6745/6805 and appreciated against the euro to 4.8420/8649 from 4.8996/9048.

In regional trade, the local currency was mostly higher. It strengthened against the Indonesian rupiah to 258.2/259.6, gained on the Singapore dollar to 3.2695/2852, and improved against the Thai baht to 12.9433/13.0136. It was unchanged against the Philippine peso at 7.36/7.40.

Afzanizam expected the ringgit to remain range bound for the day, likely trading between 4.24 and 4.25 against the US dollar.

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MoneyNewsRinggit

Ringgit ends slightly lower against US dollar ahead of Fed rate decision

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(TMRpic)

KUALA LUMPUR — The ringgit reversed its morning gains to close slightly lower against the US dollar today, as traders turned cautious ahead of the United States (US) Federal Reserve’s (Fed) interest rate decision, amid uncertainty over a potential cut.

At 6 pm, the local note eased to 4.2410/2455 versus the greenback from yesterday’s close of 4.2320/2365.

The two-day Federal Open Market Committee (FOMC) meeting, taking place from July 29 to 30 in Washington, is expected to provide key guidance on the Fed’s monetary policy direction. 

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit was higher against the US dollar during the morning session at RM4.2278, but weakened later in the day.

However, he said the ringgit’s weakness was capped by positive news following the International Monetary Fund’s (IMF) upward revisions to global and Malaysian gross domestic product (GDP) forecasts.

“The IMF has revised its 2025 global GDP growth forecast from 2.8 per cent to three per cent, citing that the front-loading activities and the US’s willingness to reduce tariffs have helped improve the economic outlook.

“By extension, Malaysia’s 2025 GDP was revised upward from 4.1 per cent to 4.5 per cent. Improved trade predictability should be viewed positively, as this would enhance the contribution from the external demand,” he told Bernama. 

Mohd Afzanizam opined that trade negotiations with the US among various countries, including Malaysia, remain an ongoing affair, as both parties continue to seek a middle ground to address the trade imbalances.

“Perhaps, this will set the right context for the 13th Malaysia Plan (13MP), which will promote structural reforms that could be beneficial for the ringgit in the long run,” he added.

The 13MP will be tabled on Thursday by Prime Minister Datuk Seri Anwar Ibrahim in Parliament.

At the close, the ringgit ended lower against major currencies.

It fell against the Japanese yen to 2.8646/8678 from 2.8479/8511 at the close on Tuesday, depreciated versus the British pound to 5.6745/6805 from 5.6518/6578 yesterday, and edged lower against the euro to 4.8996/9048 from 4.8990/9042 previously.

The ringgit was mixed against regional peers.

It was lower against the Indonesian rupiah at 258.5/258.9 from yesterday’s 257.8/258.2, weakened against the Singapore dollar to 3.2919/2957 from 3.2875/2913, but improved against the Philippine peso to 7.36/7.38 from 7.38/7.39, and inched up versus the Thai baht to 13.0528/0719 from 13.0537/0740 previously. — BERNAMA

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