Tag: Bank Muamalat Malaysia

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

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 […]

Ringgit opens higher against US dollar and major currencies

KUALA LUMPUR, 12 MAY -- The ringgit opened higher against a basket of major currencies, including the US dollar, ahead of the release of key US economic data tonight, which is expected to reinforce expectations that the US Federal Reserve (Fed) will maintain interest rates, said an analyst. At 8am, the local currency rose to 3.9200/9300 against the US dollar from 3.9220/9260 at the close on Monday. Bank Muamalat Malaysia Bhd Chief Economist, Mohd Afzanizam Abdul Rashid said the US consumer price index (CPI) for April will be announced tonight with the headline and core CPI expected to jump by 3.7 per cent (March: 3.3 per cent) and 2.7 per cent (March: 2.6 per cent) respectively. "Therefore, the US Fed is likely to maintain stable interest rates, while interest rate cuts this year are expected to remain low." "The ringgit is expected to remain in flat trading mode in the near term as geopolitical risks remain heightened with the high-impact meeting between US President Donald Trump and Chinese President Xi Jinping scheduled to take place this week," he told Bernama. At the opening, the ringgit traded mostly higher against major currencies. The local unit rose against the Japanese yen to 2.4925/4990 from 2.4955/4983 at Monday's close and gained against the British pound to 5.3312/3448 from 5.3331/3383 yesterday, however it declined against the euro to 4.6162/6280 from 4.6150/6197 previously. At the same time, the ringgit traded mixed against ASEAN currencies. The ringgit strengthened against the Singapore dollar to 3.0883/0964 from 3.0887/0921 at yesterday's close and surged against the Indonesian rupiah to 225.1/225.7 from 225.2/225.5 previously. However, the local currency was unchanged against the Philippine peso to 6.41/6.43 from 6.41/6.42 at yesterday's close and depreciated against the Thai baht to 12.1374/1759 from 12.0900/1083 previously.

KUALA LUMPUR, 12 MAY — The ringgit opened higher against a basket of major currencies, including the US dollar, ahead of the release of key US economic data tonight, which is expected to reinforce expectations that the US Federal Reserve (Fed) will maintain interest rates, said an analyst. At 8am, the local currency rose to […]

Ringgit stable against US dollar ahead of MPC decision

KUALA LUMPUR: The ringgit opened almost unchanged against the United States (US) dollar from yesterday's close as the market awaits the latest decision from Bank Negara Malaysia's (BNM) Monetary Policy Committee (MPC) scheduled to be announced on May 7. At 8am, the local currency was at 3.9540/9590 against the US dollar at 3.9540/9575 when it closed on Monday. Bank Muamalat Malaysia Bhd Chief Economist, Mohd Afzanizam Abdul Rashid said that although the market is taking a wait-and-see approach ahead of the MPC meeting, the fighting in the Persian Gulf between the United States (US) and Iranian forces has the potential to affect the ceasefire. "Elevated tensions in West Asia resulted in global oil benchmark prices, WTI and Brent crude oil, jumping by 4.39 percent and 5.80 percent to US$106.42 per barrel and US$114.44 per barrel respectively. At the opening of trading, the ringgit traded higher against a basket of major currencies. The local unit rose against the Japanese yen to 2.5151/5184 from 2.5186/5210 at yesterday's close, rose against the British pound to 5.3498/3565 from 5.3612/3660 and gained against the euro to 4.6230/6289 from 4.6329/6370 previously. Meanwhile, the local currency is trading higher compared to the currencies of ASEAN countries. The ringgit rose against the Singapore dollar to 3.0963/1005 from 3.1019/1049 at Monday's close, gained against the Thai baht to 12.0740/0963 from 12.1460/1631, gained against the Indonesian rupiah to 227.3/227.6 from 227.3/227.6, however was unchanged against the Philippine peso at 6.42/6.43. -- BERNAMA

KUALA LUMPUR: The ringgit opened almost unchanged against the United States (US) dollar from yesterday’s close as the market awaits the latest decision from Bank Negara Malaysia’s (BNM) Monetary Policy Committee (MPC) scheduled to be announced on May 7. At 8am, the local currency was at 3.9540/9590 against the US dollar at 3.9540/9575 when it […]

Ringgit Opens Slightly Higher Against US Dollar Amid Cautious Market Sentiment

KUALA LUMPUR, March 16 — The ringgit opened slightly higher against the United States dollar on Monday, supported by the greenback’s moderate weakness, although persistent geopolitical uncertainties and elevated oil prices capped gains. At 8 am, the local currency strengthened to 3.9300/9455 against the US dollar compared with 3.9365/9410 at last Friday’s close. Chief Economist […]