Tag: rise

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 […]