KUALA LUMPUR, JUNE 15 -- The ringgit continued its upward momentum by opening higher on Monday against the US dollar and other major currencies, supported by improved risk sentiment following signs of easing geopolitical tensions. At 8am, the local currency rose to 4.0430/0500 against the US dollar from 4.0555/0600 at the close last Friday. Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said news of the possibility of the Strait of Hormuz being reopened following the agreement between the United States and Iran on a peace deal scheduled to be signed on June 19 had boosted market sentiment. “WTI and Brent crude oil prices have fallen by more than four percent, with Brent crude now trading at US$83.83 per barrel. "In my view, the ringgit is heading towards RM4.00 against the US dollar. It may not be at that level immediately but being below RM4.00 is in line with the fair value of the ringgit based on the current macroeconomic conditions and the resilience of Malaysia's economic growth," he told Bernama. In the opening session, the local currency strengthened against a basket of major currencies. The ringgit rose against the Japanese yen to 2.5275/5320 from 2.5334/5364 at last Friday's close, rose against the pound to 5.4374/4468 from 5.4429/4489 and gained against the euro to 4.6911/6992 from 4.6979/7031 previously. The local currency also strengthened against regional currencies. The ringgit rose against the Singapore dollar to 3.1554/1611 from 3.1602/1640 last Friday and surged against the Thai baht to 12.4015/4298 from 12.4105/4288 previously. The local currency also rose against the Indonesian rupiah to 226.3/226.8 from 227.0/227.4 and increased against the Philippine peso to 6.65/6.66 from 6.67/6.68 previously. -- BERNAMA

Ringgit opens higher on better market sentiment

KUALA LUMPUR, JUNE 15 — The ringgit continued its upward momentum by opening higher on Monday against the US dollar and other major currencies, supported by improved risk sentiment following signs of easing geopolitical tensions.

At 8am, the local currency rose to 4.0430/0500 against the US dollar from 4.0555/0600 at the close last Friday.

Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said news of the possibility of the Strait of Hormuz being reopened following the agreement between the United States and Iran on a peace deal scheduled to be signed on June 19 had boosted market sentiment.

“WTI and Brent crude oil prices have fallen by more than four percent, with Brent crude now trading at US$83.83 per barrel.

“In my view, the ringgit is heading towards RM4.00 against the US dollar. It may not be at that level immediately but being below RM4.00 is in line with the fair value of the ringgit based on the current macroeconomic conditions and the resilience of Malaysia’s economic growth,” he told Bernama.

In the opening session, the local currency strengthened against a basket of major currencies.

The ringgit rose against the Japanese yen to 2.5275/5320 from 2.5334/5364 at last Friday’s close, rose against the pound to 5.4374/4468 from 5.4429/4489 and gained against the euro to 4.6911/6992 from 4.6979/7031 previously.

The local currency also strengthened against regional currencies.

The ringgit rose against the Singapore dollar to 3.1554/1611 from 3.1602/1640 last Friday and surged against the Thai baht to 12.4015/4298 from 12.4105/4288 previously.

The local currency also rose against the Indonesian rupiah to 226.3/226.8 from 227.0/227.4 and increased against the Philippine peso to 6.65/6.66 from 6.67/6.68 previously.

— BERNAMA

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