Tag: US President Donald Trump

The ringgit opened higher against the US dollar as the US-Iran talks took place

KUALA LUMPUR, May 26 -- The ringgit opened higher against the US dollar and other major currencies on Tuesday, amid talks between the United States (US) and Iran that could potentially end the conflict and lead to the reopening of the Strait of Hormuz. At 8am, the local currency strengthened to 3.9500/9560 against the US dollar from 3.9510/9550 at the close on Monday. US President Donald Trump reportedly said the talks were 'going well' while Pakistan's Army Chief informed China that a deal was 'close'. Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said that although there was optimism that the two countries could reach an agreement, no concrete developments had materialised. “Meanwhile, the impact on the cost of living and the need for global central banks to maintain a tight monetary policy stance are putting pressure on bond markets through rising yields. "In short, the outlook is still unclear and traders are expected to remain cautious about the impact on the real economy," he told Bernama. He said the ringgit was expected to trade flat at RM3.94 to RM3.95 today and market participants were awaiting further information on the ongoing US-Iran negotiations. In the opening session, the ringgit traded higher against a basket of major currencies. It strengthened against the Japanese yen to 2.4847/4887 from 2.4860/4887 at Monday's close, rose against the euro to 4.5958/6028 from 4.5998/6044 yesterday and rose against the pound to 5.3301/3382 from 5.3311/3365 previously. The local currency was mostly higher against regional currencies, however flat against the Indonesian rupiah at 222.6/223.0. The ringgit rose against the Singapore dollar to 3.0917/0967 from 3.0932/0966 at yesterday's close, higher against the Philippine peso to 6.42/6.44 from 6.43/6.44 and up against the Thai baht to 12.1445/1704 from 12.1640/1816 previously. -- BERNAMA

KUALA LUMPUR, May 26 — The ringgit opened higher against the US dollar and other major currencies on Tuesday, amid talks between the United States (US) and Iran that could potentially end the conflict and lead to the reopening of the Strait of Hormuz. At 8am, the local currency strengthened to 3.9500/9560 against the US […]