kuala lumpur: The ringgit opened marginally higher against the US dollar on Tuesday, supported by improved buying sentiment against the domestic currency, despite gains in the US dollar index (DXY).
As of 8am, the ringgit was trading at 4.4860/4960 ringgit against the dollar, up from Monday’s closing price of 4.4870/4925 ringgit.
DXY rose 0.45% overnight to above 108, approaching a two-year high, said Mohd Sedeq Jantan, head of investment research at UOB Keihian Wealth Advisors.
“This came as markets continued to digest last week’s Federal Open Market Committee (FOMC) meeting, which signaled that the pace of interest rate cuts in 2025 will be more cautious,” he told Bernama. I suggested it.”
He added that while the Asian Dollar Index started higher, the MSCI Emerging Market Currency Index fell by 0.1%, dragged down by the decline in the Brazilian real and South African rand.
The ringgit appreciated against several major currencies. Against the Japanese yen, it rose to 2.8537/8602 from Monday’s closing price of 2.8636/8673, against the British pound it rose from 5.6384/6453 to 5.6219/6344, and against the euro it rose slightly from 4.6692/6749 to 4.6668/6772.
Local banknotes performed mixedly against ASEAN currencies. Against the Singapore dollar, it traded at 3.3051/3127, compared to 3.3095/3138 previously, and against the Thai baht, it rose to 13.0772/1186 from 13.1137/1360.
However, against the Indonesian rupiah, it remained unchanged from 276.9/277.5 to 276.9/277.7, and against the Philippine peso, from 7.67/7.68 to 7.67/7.69.
