Tag: positive sentiment

Ringgit opens stronger against US dollar driven by positive sentiment

KUALA LUMPUR, May 25 -- The ringgit started trading on Monday stronger against the United States (US) dollar, driven by increased market sentiment and investor confidence in the progress of US-Iran negotiations. At 8 am this morning, the ringgit strengthened to 3.9635/9705 against the US dollar from the level of 3.9655/9700 recorded last Friday. Reports say the US and Iran are in the process of discussing a deal that could potentially lead to the reopening of the Strait of Hormuz -- a major oil shipping route that handles about 20 percent of global oil supply. Bank Muamalat Malaysia Bhd Chief Economist Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) fell 0.25 per cent to 98.987 points while equity futures indices such as the S&P 500 rose 0.61 per cent to 7,536.50 points. The development, he said, shows that risk-taking sentiment is expected to continue to be evident among traders and investors today. In addition, West Texas Intermediate (WTI) and Brent crude oil prices fell by more than five percent to US$91.75 per barrel and US$98.33 per barrel, respectively. "Following that, the ringgit is expected to continue to strengthen as market sentiment is seen to be improving and it is possible to see the ringgit move at the RM3.95 level against the US dollar." "The better performance of macroeconomic indicators such as the increase in the current account surplus and the reduction in the fiscal deficit in the first quarter of 2026, also shows that the risk of Malaysia becoming an economy with twin deficits is low," he told Bernama . When the market opened, the ringgit was trading lower against major currencies. This included a decline against the Japanese yen to 2.4934/4980 from 2.4925/4954, a decline against the British pound to 5.3432/3526 from 5.3245/3305 previously and a decline against the euro to 4.6143/6225 from 4.6012/6064 previously. The ringgit was also traded mixed against regional currencies. Against the Singapore dollar, the ringgit fell to 3.1030/1090 from 3.0985/1023 at Friday's close, was lower against the Thai baht to 12.1954/2248 from 12.1304/1468, but recorded a small strengthening against the Indonesian rupiah to 223.7/224.2 from 223.8/224.1 previously and was unchanged against the Philippine peso at 6.42/6.44. -- BERNAMA

KUALA LUMPUR, May 25 — The ringgit started trading on Monday stronger against the United States (US) dollar, driven by increased market sentiment and investor confidence in the progress of US-Iran negotiations. At 8 am this morning, the ringgit strengthened to 3.9635/9705 against the US dollar from the level of 3.9655/9700 recorded last Friday. Reports […]