Tag: ringgit

Ringgit opens higher against US dollar as West Asia peace talks continue

KUALA LUMPUR: The ringgit opened higher against the United States (US) dollar on Monday as investors monitored ongoing peace talks over the crisis in West Asia, analysts said. At 8am, the local currency rose to 3.9170/9230 against the US dollar from 3.9185/9230 at the close last Friday. Bank Muamalat Malaysia Bhd Chief Economist Mohd Afzanizam Abdul Rashid said market sentiment continued to be focused on the war in Iran, with ongoing peace talks seen as difficult to achieve amid inconsistent reports on the progress of the talks. “High oil prices are affecting business margins and consumer spending worldwide, leading to the possibility of investment and consumer spending being dampened. "Therefore, traders' willingness to take risks is expected to remain cautious," he told Bernama . So far, the price of Brent crude oil has increased by 3.55 percent to US$104.93 per barrel. Mohd Afzanizam said the US non-farm payrolls report rose to 115,000 in April compared to the consensus estimate of 62,000, indicating that the US labour market remains resilient and the US Federal Reserve may not be in a hurry to lower interest rates. Therefore, he said the ringgit is expected to trade in a small range and traders are also anticipating the announcement of Malaysia's Gross Domestic Product (GDP) for the first quarter of 2026 this Friday. "The Malaysian economy is seen to continue to maintain a good growth trajectory in the first three months of this year and possibly in the first half of 2026." "This expectation could provide support to the ringgit as the government remains proactive in providing a good response to the current shock," he said. In the opening session, the local currency traded higher against a basket of major currencies and most ASEAN currencies. The ringgit rose against the Japanese yen to 2.4970/5010 from 2.5010/5040 at the close last Friday, rose against the pound to 5.3248/3329 from 5.3354/3416 and gained against the euro to 4.6095/6166 from 4.6121/6174 previously. The local currency rose against the Singapore dollar to 3.0886/0936 from 3.0910/0948 at last Friday's close, strengthened against the Thai baht to 12.1322/1579 from 12.1640/1844 and rose against the Indonesian rupiah to 225.3/225.7 from 225.4/225.7 previously. However, the ringgit was unchanged against the Philippine peso at 6.46/6.47 compared to its closing level last Friday.

KUALA LUMPUR: The ringgit opened higher against the United States (US) dollar on Monday as investors monitored ongoing peace talks over the crisis in West Asia, analysts said. At 8am, the local currency rose to 3.9170/9230 against the US dollar from 3.9185/9230 at the close last Friday. Bank Muamalat Malaysia Bhd Chief Economist Mohd Afzanizam […]

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 RISES AGAINST US DOLLAR ON HOPES FOR US-IRAN TALKS

KUALA LUMPUR: The ringgit rose slightly against the United States (US) dollar today, supported by confidence that the second round of US-Iran talks could ease tensions along key global oil waterways. At 8am, the local currency rose to 3.9510/9570 against the US dollar from 3.9550/9600 at yesterday's close. Bank Muamalat Malaysia Bhd Chief Economist, Mohd Afzanizam Abdul Rashid, said the market is pinning its hopes on the second round of US-Iran negotiations which are expected to reopen the Strait of Hormuz and further defuse the conflict. He said inflation concerns, driven by war-related pressures on US firms and rising US Treasury yields, would ensure borrowing costs rose, as the US Federal Reserve (Fed) may be reluctant to lower interest rates. "The ringgit is projected to trade in a narrow range against the US dollar between RM3.95 and RM3.97 today," he told Bernama. At the time of writing, West Texas Intermediate and Brent crude oil prices both fell below US$100 per barrel, down 0.58 percent and 0.36 percent to US$90.76 and US$94.59 respectively. In the opening session, the local currency traded mixed against a basket of major currencies. The ringgit declined against the British pound to 5.3627/3708 from 5.3614/3682 at Wednesday's close, depreciated against the euro to 4.6649/6720 from 4.6594/6653, however strengthened against the Japanese yen to 2.4879/4918 from 2.4890/4923 previously. Meanwhile, the local currency was also traded mixed against ASEAN currencies. The local unit rose against the Singapore dollar to 3.1093/1143 from 3.1095/1139 at Wednesday's close, rose against the Indonesian rupiah to 230.4/230.9 from 230.7/231.0 and surged against the Philippine peso to 6.57/6.59 from 6.58/6.59 previously. However, the ringgit contracted against the Thai baht to 12.3415/3676 from 12.3098/3330 at yesterday's close., -- BERNAMA

KUALA LUMPUR: The ringgit rose slightly against the United States (US) dollar today, supported by confidence that the second round of US-Iran talks could ease tensions along key global oil waterways. At 8am, the local currency rose to 3.9510/9570 against the US dollar from 3.9550/9600 at yesterday’s close. Bank Muamalat Malaysia Bhd Chief Economist, Mohd […]

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 […]