Tag: Mohd Afzanizam Abdul Rashid

Ringgit opens higher against US dollar, major currencies

The ringgit opened stronger against the United States (US) dollar and other major currencies on Friday, supported by easing geopolitical tensions in West Asia and Malaysia's improving macroeconomic prospects. At 8am, the local currency rose to 3.9550/9645 against the US dollar at 3.9595/9630 at Thursday's close. Bank Muamalat Malaysia Bhd Chief Economist, Mohd Afzanizam Abdul Rashid, said optimism that the US and Iran would reach an amicable solution continued to increase. He said that West Texas Intermediate (WTI) and Brent crude oil prices decreased by 1.49 percent and 2.32 percent to US$97.79 per barrel and US$102.58 per barrel, respectively. "According to Iranian news agencies, Tehran is examining a proposal from the US which is seen as likely to bridge some of the differences between the two parties," he told Bernama. He also said the ringgit is expected to continue to be in a better position following Malaysia's positive macroeconomic backdrop, particularly when the current account surplus increases to 3.0 percent of gross domestic product (GDP) in the first quarter of 2026 compared to 0.5 percent in the previous quarter. "In addition, the government's fiscal position continues to improve with the fiscal deficit narrowing to RM17.1 billion or 3.3 percent of GDP in the first quarter of 2026 compared to RM21.9 billion or 4.5 percent of GDP in the same period in 2025." "Therefore, the ringgit is expected to remain strongly supported at around RM3.95 to RM3.96 against the US dollar today," he said. At the opening of trading, the ringgit traded higher against a basket of major currencies. The local currency rose against the British pound to 5.3120/3247 from 5.3220/3267 at Thursday's close, strengthened against the euro to 4.5945/6056 from 4.6037/6078 previously and rose against the Japanese yen to 2.4866/4928 from 2.4906/4929. The ringgit is also trading higher against regional currencies. It strengthened against the Singapore dollar to 3.0949/1026 from 3.0967/0997 previously and rose against the Thai baht to 12.1286/1648 from 12.1304/1468. The local currency also appreciated against the Indonesian rupiah to 223.8/224.5 from 224.1/224.4 previously and increased against the Philippine peso to 6.42/6.44 from 6.43/6.44 previously. -- BERNAMA

The ringgit opened stronger against the United States (US) dollar and other major currencies on Friday, supported by easing geopolitical tensions in West Asia and Malaysia’s improving macroeconomic prospects. At 8am, the local currency rose to 3.9550/9645 against the US dollar at 3.9595/9630 at Thursday’s close. Bank Muamalat Malaysia Bhd Chief Economist, Mohd Afzanizam Abdul […]

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 […]