Money

MALAYSIAN’s ringgit rose the most among its Asian peers buoyed by steps from local authorities to boost inflows. Most other currencies are held in narrow ranges.

Ringgit gained as much as 0.8% to 4.0555. It has risen close to 2% since June 24 when the central bank announced a raft of steps to encourage foreign inflows, including efforts to bolster repatriation. — Bloomberg

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THE ringgit was higher against the US dollar in the early session today, tracking a weaker US dollar index (DXY) as traders positioned ahead of key US labour market and consumer confidence data.

 At 8.03 am, the local currency was pegged at 4.0605/0730 against the greenback from Monday’s close of  4.0680/0735

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar remained at an elevated level in the absence of market-moving data points while the DXY stood at 101.10 points, declining by 0.25 per cent from the previous close. 

“Expect the ringgit to trade within a range of 4.06 to 4.08 as traders continue to observe the US data points.

“Tonight, Job Openings and Labour Turnover (JOLTS) and Conference Board Consumer Confidence will be released, with confidence among consumers expected to improve in June,” he told Bernama.

At the opening, the ringgit traded mostly higher against a basket of major currencies.

It fell against the British pound to 5.3810/3975 from 5.3767/3839 at Monday’s close, rose versus the euro to 4.6363/6506 from 4.6383/6446 and appreciated vis-a-vis the Japanese yen at 2.5073/5151 from 2.5128/5164.

The local note was traded mixed against regional currencies.

It went up against the Singapore dollar to 3.1406/1505 from 3.1445/1490 at Monday’s close, was almost flat versus the Indonesian rupiah at 227.4/228.2 from 227.8/228.3 and was flat against the Philippine peso at 6.63/6.66 from 6.65/6.66

The local note advanced versus the Thai baht to 12.1966/2412 from 12.2199/2412.  — BERNAMA

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KUALA LUMPUR — The ringgit strengthened against major and regional currencies, supported by lower crude oil prices, which helped improve risk sentiment amid ongoing United States-Iran peace negotiations.

At 6pm, the local note appreciated to 4.0680/0735 against the greenback from 4.0860/0910 at last Friday’s close.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said lower crude oil prices were prevalent as ongoing US-Iran peace negotiations continued, although there were intermittent flare-ups in attacks.

“The West Texas Intermediate (WTI) and Brent crude prices lingered at US$70.22 per barrel and US$72.69 per barrel respectively during the day,” he told Bernama.

He added that a series of key US economic data points this week, including the Institute for Supply Management (ISM) indices, Conference Board Consumer Confidence Index, ADP Employment Change and nonfarm payrolls (NFP), would dictate the strength of the US dollar moving forward.

At the close, the ringgit was stronger against a basket of major currencies.

It appreciated against the British pound to 5.3767/3839 from 5.4013/4079, rose versus the euro to 4.6383/6446 from 4.6605/6662, and was firmer vis-à-vis the Japanese yen at 2.5128/5164 from 2.5283/5316 at last Friday’s close.

The local note was also firmer against regional currencies.

It strengthened against the Singapore dollar to 3.1445/1490 from 3.1581/1625, increased versus the Thai baht to 12.2199/2412 from 12.2445/2643, advanced versus the Indonesian rupiah to 227.8/228.3 from 227.9/228.3, and edged up against the Philippine peso to 6.65/6.66 from 6.66/6.67 previously. — BERNAMA

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THE ringgit was slightly higher against the US dollar on Monday as the domestic unit continues to be well-supported with lower crude oil prices. 

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said West Texas Intermediate and Brent crude prices were hovering around US$69.87 per barrel and US$72.46 per barrel, while the United States and Iran are expected to continue negotiations. 

 At 8 am, the local currency was pegged at 4.0855/0950 against the greenback from last Friday’s close of 4.0860/0910.

“Shipping continues in the Straits of Hormuz, which suggests that oil shortages could be resolved soon. On that note, expect the US dollar/ringgit (pair) to revolve around RM4.08 to RM4.10 today,” Mohd Afzanizam told Bernama. 

At the opening, the ringgit traded higher against a basket of major currencies.

It advanced against the British pound to 5.3929/4054 from 5.4013/4079 at Friday’s close, rose versus the euro to 4.6526/6634 from 4.6605/6662 and was marginally higher vis-à-vis the Japanese yen at 2.5258/5318 from 2.5283/5316 previously.

The local note was traded mixed against regional currencies.

It appreciated against the Singapore dollar to 3.1560/1639 from 3.1581/1625 on Friday’s close, was almost flat versus the Indonesian rupiah at 227.9/228.6 from 227.9/228.3, and was flat against the Philippine peso at 6.66/6.68 from 6.66/6.67. 

The local note increased versus the Thai baht to 12.2284/2627 from 12.2445/2643 previously. — BERNAMA

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