kuala lumpur: The Ringit continued to be strengthened against the US dollar at the opening as rapid changes in US economic policies under President Donald Trump’s administration could create uncertainty within the business community and attenuate demand.
At 8am, the ringgit was 4.4200/4400 against the greenback from the end of yesterday’s 4.4300/4340.
“The US Dollar Index (DXY) fell 0.2% to 104.335 points despite the US’s favorable economic situation. Increased policy uncertainty has reduced the visibility of US financial authorities responding to.”
Mohd Afzanizam said maintaining a moderately restricted monetary policy stance remains the safest course to curb inflation risk.
He added that Finance Minister II Datuk Seri Amir Hamzah Azizan has announced the announcement of a mechanism to streamline the Ron95 fuel subsidies later this year using Mykad.
“In the medium term, it must test positive for the ringgit, to demonstrate its commitment to fiscal reform. Ringgits are expected to hover around RM4.42 to RM4.43 today.
However, the ringgits traded almost low against major currencies.
It was bordered by 2.9297/9433 against the Japanese yen from 2.9351/9380, but it weakened to 4.7727/7943 against the Euro from 4.7720/7763, and slipped to 5.7239/7498 on the British pound from 5.7236/7287.
Local memos were mixed with ASEAN currency.
It was strengthened from 13.0678/0854 to 13.0615/1318 against the Thai baht, and was won from 3.3060/3094 to 3.2997/3152 against the Singapore Dollar.
However, it fell from 7.67/7.68 against the Philippine peso to 7.72/7.73, and from 267.4/267.8 to 266.8/268.1 against the Indonesian rupiah.
