kuala lumpur: The ringgit rose against the US dollar at today’s open as the dollar weakened after United States (US) banking stocks plunged amid fears of a Silicon Valley Bank (SVB) collapse, analysts say .
At 9am, municipal bonds consolidated at 4.4850/4950 against the US dollar from yesterday’s close of 4.4925/4965.
Dr. Mohd Afzanizam Abdul Rashid, Head of Economics, Market Analysis and Social Finance at Bank Muamalat Malaysia Bhd, said at next week’s Federal Open Market Committee meeting following the collapse of the SVB, markets will see the US Federal Reserve become more pigeon-holed. I said I expected it to be sectarian.
“The European Central Bank is also likely to remain hawkish at its March 16 meeting, with consensus pointing to a 50 basis point increase in the deposit facility rate, which is currently at 2.50%,” he said. told to
In a local memo, he opined that the ringgit is expected to appreciate today against the dollar.
Meanwhile, the ringgit almost fell against a basket of major currencies.
Monday’s close fell against the British pound from 5.4292/4340 to 5.4551/4673, against the euro from 4.7957/8000 to 4.8075/8182, and against the Japanese yen from 3.3727/3763 to 3.3656/. It rose to 3734. Before.
Meanwhile, local currencies traded higher against ASEAN currencies.
The ringgit rose yesterday against the Thai baht to 12.9797/13.0158 from 12.9819/9994, against the Singapore dollar to 3.3274/3351 from 3.3354/3389 to 3.3274/3351 and against the Indonesian rupiah to 291.60/292.40 from 292.10/292.25. Against the Philippine peso, it rose from 8.17/8.18 to 8.15/8.19. – Bernama
