KUALA LUMPUR: The ringgit opened higher against the United States (US) dollar and most other major currencies today, in line with a slight decline in the US Dollar Index (DXY) following the easing of tensions in West Asia. At 8am, the local currency rose to 4.0665/0780 against the US dollar from 4.0715/0760 at the close on Monday. Bank Muamalat Malaysia Bhd Chief Economist, Mohd Afzanizam Abdul Rashid said the DXY fell slightly to 99.98 points as Iran and Israel were seen showing signs of easing their attacks on each other, although the development could still change. “Market sentiment is expected to remain cautious ahead of the US Consumer Price Index (CPI) release tomorrow. "Taking into account the ongoing war and its impact on fuel prices, in addition to the strong non-farm payrolls (NFP) data last week, the Federal Reserve (Fed) is expected to maintain a tight monetary policy stance," he told Bernama. The ringgit traded mostly higher against a basket of major currencies. It strengthened against the British pound to 5.4219/4372 from 5.4249/4309 and rose against the Japanese yen to 2.5385/5459 from 2.5445/5475, but weakened against the euro to 4.6879/7011 from 4.6867/6919 at yesterday's close. The local currency is also trading higher than most regional currencies. The ringgit rose against the Singapore dollar to 3.1548/1639 from 3.1577/1614, strengthened against the Thai baht to 12.3639/4049 from 12.3942/4128, rose against the Philippine peso to 6.59/6.61 from 6.60/6.61, and rose against the Indonesian rupiah to 223.5/224.3 from 223.8/224.2 on Monday. -- BERNAMA

Ringgit opens higher against US dollar, most major currencies

KUALA LUMPUR: The ringgit opened higher against the United States (US) dollar and most other major currencies today, in line with a slight decline in the US Dollar Index (DXY) following the easing of tensions in West Asia.

At 8am, the local currency rose to 4.0665/0780 against the US dollar from 4.0715/0760 at the close on Monday.

Bank Muamalat Malaysia Bhd Chief Economist, Mohd Afzanizam Abdul Rashid said the DXY fell slightly to 99.98 points as Iran and Israel were seen showing signs of easing their attacks on each other, although the development could still change.

“Market sentiment is expected to remain cautious ahead of the US Consumer Price Index (CPI) release tomorrow.

“Taking into account the ongoing war and its impact on fuel prices, in addition to the strong non-farm payrolls (NFP) data last week, the Federal Reserve (Fed) is expected to maintain a tight monetary policy stance,” he told Bernama.

The ringgit traded mostly higher against a basket of major currencies.

It strengthened against the British pound to 5.4219/4372 from 5.4249/4309 and rose against the Japanese yen to 2.5385/5459 from 2.5445/5475, but weakened against the euro to 4.6879/7011 from 4.6867/6919 at yesterday’s close.

The local currency is also trading higher than most regional currencies.

The ringgit rose against the Singapore dollar to 3.1548/1639 from 3.1577/1614, strengthened against the Thai baht to 12.3639/4049 from 12.3942/4128, rose against the Philippine peso to 6.59/6.61 from 6.60/6.61, and rose against the Indonesian rupiah to 223.5/224.3 from 223.8/224.2 on Monday.

— BERNAMA

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