kuala lumpur: According to analysts, the ringgit was opened slightly higher against the US dollar in opening trades as the US Federal Reserve does not seem to be inclined to lower fees in the short term.
At 8am, the ringgits were bolstered to 4.4230/4375 against the greenback, compared to the 4.4320/4385 finish on Thursday.
Dr Mohadha Ahzanizam Abdulrashid, Bank Muamarat Malaysia BHD Chief Economist, said the US dollar appears to be in the sweet spot now, and that the scenario would challenge emerging market currencies, including ringgits.
“So, the Ringgit could flirt near the immediate resistance level of RM4.45 today,” he told Bernama.
Mohd Afzanizam said a set of Fed speakers suggests that interest rate cuts need to be carefully formulated given the current US policy on tariffs, taxes and immigration.
“Some of them also see that the current Fed fund ratio is approaching its neutral rate, not a contraction or an expansion rate,” he noted.
He added that the US Dollar Index (DXY) was seen reaching a high of 108.076 points before settling at 107.696.
Additionally, U.S. Treasury Secretary Scott Bescent has reiterated the government’s stance on a strong dollar policy that remains unharmed, Maud Afzanizam said.
Meanwhile, the ringgits were mixed with other major currencies.
It was slightly higher at 5.5009/5189 against the British pound from 5.5090/5171 at the end of Thursday. However, yesterday, I sliced the euro to 4.5933/6083 from 4.5920/5987, and previously played against Japanese yen from 2.9036/9080.
Additionally, local notes were traded almost higher than ASEAN and ASEAN currencies.
At the end of yesterday, I was inched against Thai baht and 13.0912/1462 from 13.1175/1433 and at the end of Thursday I thank Indonesian Rupiah from 271.2/271.7 and opposed 7.60/ against the Philippine Peso. did. Before 7.63 from 7.62/7.63.
However, the local notes traded slightly lower against the Singapore Dollar, holding back the edge from 3.2742/2793 to 3.2758/2868.
