Ringgit steadies on rate-cut talk ahead of key Bank Negara meet
At 8 am, the local note rose to 4.2060/2320 against the greenback from Friday's close of 4.2180/2260.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the OPR might be reduced by 25 basis points as heightened economic uncertainties could potentially affect the second half's growth momentum.
'So there is a clear justification for BNM to support growth,' Mohd Afzanizam told Bernama.
He also noted that traders will also remain cautious vis-a-vis the greenback as investors and traders await clarity ahead of the United States (US) tariff pause deadline, which is also on July 9.
"All eyes will be on the July 9, 2025 deadline with regards the US tariff which has been paused for 90 days since April 9 this year.
"At the same time, OPEC+ members have agreed to increase their oil production by 548,000 barrels per day in August 2025, suggesting that oil producers are committed to restoring global oil supplies," he said.
In light of the ongoing tariff uncertainty, Mohd Afzanizam said the ringgit is expected to trade cautiously between the RM4.22 and RM4.23 range today.
"The ringgit appreciated by 0.3 per cent week-on-week against the US dollar last week, strengthening to as high as RM4.1980 on July 1," he added.
At the opening, the ringgit was higher against a basket of major currencies.
It firmed against the Japanese yen to 2.9115/9297 from 2.9225/9282, strengthened versus the British pound to 5.7412/7767 from 5.7601/7710, and appreciated against the euro to 4.9542/9849 from 4.9675/9770.
The local note also advanced against most Asean currencies.
It improved vis-à-vis the Singapore dollar to 3.3006/3213 from 3.3114/3182, strengthened against the Thai baht to 12.9823/13.0730 from 13.0302/0609, inched up against the Indonesian rupiah at 259.8/261.5 from 260.6/261.2, and rose against the Philippine peso to 7.45/7.50 from 7.47/7.49 previously. — Bernama
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