Tag: ringgit

Ringgit Strengthens on Government’s Pragmatic Fuel Subsidy Adjustment Amid West Asia Tensions

KUALA LUMPUR — The Malaysian ringgit opened higher for the fourth consecutive day, following the government’s announcement of a measured approach to fuel subsidies aimed at balancing fiscal discipline with cost-of-living concerns amid ongoing West Asian tensions. At 8am, the local currency rose to 3.9855/4.0050 against the US dollar, up from Thursday’s close of 3.9920/3.9955. Prime Minister Datuk Seri Anwar Ibrahim, in a special message yesterday, announced that effective April 1, the individual monthly quota for the BUDI95 fuel programme will be temporarily reduced from 300 litres to 200 litres per month due to the geopolitical situation. The adjustment is expected to have minimal impact on most Malaysians, as average consumption remains around 100 litres monthly, with nearly 90 percent using less than 200 litres. Anwar also confirmed that Iran has permitted Malaysian oil tankers to pass through the Strait of Hormuz, easing supply concerns. Bank Muamalat Malaysia Bhd Chief Economist Mohd Afzanizam Abdul Rashid said the move demonstrates the government’s commitment to balancing fiscal responsibility with household welfare amid global market pressures. “This is a positive development for the ringgit, reflecting timely government action in response to the fallout from tensions in West Asia,” he said. SPI Asset Management’s managing partner Stephen Innes noted that the temporary reprieve granted by US President Donald Trump on potential attacks on Iran’s energy infrastructure has eased safe-haven demand for the US dollar, providing further support to the ringgit. The local currency also strengthened against other major and regional currencies. It rose against the Japanese yen to 2.4951/2.5077, the British pound to 5.3143/5.3403, and the euro to 4.5969/4.6194. Against ASEAN currencies, it gained against the Singapore dollar at 3.0994/3.1148, the Thai baht at 12.0868/12.1566, the Indonesian rupiah at 235.7/237.0, and the Philippine peso at 6.61/6.65. The ringgit’s sustained momentum reflects market confidence in Malaysia’s proactive economic measures despite ongoing global uncertainties.

KUALA LUMPUR — The Malaysian ringgit opened higher for the fourth consecutive day, following the government’s announcement of a measured approach to fuel subsidies aimed at balancing fiscal discipline with cost-of-living concerns amid ongoing West Asian tensions. At 8am, the local currency rose to 3.9855/4.0050 against the US dollar, up from Thursday’s close of 3.9920/3.9955. […]

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 […]