Ringgit rises against US dollar in early trading
At 8.01 am, the ringgit rose to 4.2230/2450 against the greenback, compared to Monday's close of 4.2320/2365
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said he expects the ringgit to maintain its positive performance today.
However, he pointed out that the uncertainties over the US tariff would continue to affect market sentiments.
Mohd Afzanizam said signals from the US official were rather mixed and uncertain, with US Treasury Secretary Scott Bessent indicating that the Trump administration is more concerned with the quality of trade agreements than their timing.
'The back and forth statements on the tariff plans would mean the scope for negotiation is widely open,' he told Bernama.
Mohd Afzanizam said the Malaysian economy performed reasonably well in the first half of 2025, and Bank Negara Malaysia's preemptive move to cut the Overnight Policy Rate, coupled with an expansionary fiscal policy, should help support Malaysia's gross domestic product growth in the second half.
He added that while the outlook remains challenging, growth prospects for Malaysia are expected to stay fairly resilient.
Meanwhile, SPI Asset Management managing partner Stephen Innes said the wider spread between the ringgit and the US dollar this morning reflected two key factors, one of which is heightened scrutiny on the Tokyo cash open following the weekend election and Monday's holiday, developments that could trigger moves in the yen if Japanese Government Bond (JGB) yields respond.
'The seasonal liquidity is thin across broader foreign exchange markets, amplifying any headline-driven swings,' he added.
Innes said the ringgit is holding firm amid general US dollar weakness after Bessent called for a review of the US Federal Reserve, stoking fresh concerns about the US central bank's independence.
At the opening, the ringgit was mostly traded easier against a basket of major currencies.
It dipped against the Japanese yen to 2.8638/8789 from 2.8612/8644, declined versus the euro to 4.9371/9628 from 4.9277/9330. However, the ringgit was slightly higher against the British pound, rising to 5.6951/7248 from 5.6954/7015 at Monday's close.
The local note trended mostly higher against most ASEAN currencies.
It rose vis-à-vis the Singapore dollar to 3.2969/3146 from 3.2990/3028, and appreciated against the Indonesian rupiah to 258.7/260.1 from 259.2/259.6.
The ringgit fell against the Thai baht to 13.0986/1750 from 13.0754/0954, and edged up versus the Philippine peso to 7.38/7.42 from 7.40/7.41. - Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
an hour ago
- New Straits Times
PM: Tokenisation and digital assets must benefit all
KUALA LUMPUR: The government will continue to ensure that the implementation of tokenisation and digital assets is inclusive, said Prime Minister Datuk Seri Anwar Ibrahim. In a post on X last night, the Prime Minister said the implementation would also deliver broad benefits to the people and be strictly regulated to ensure the safety and stability of the country's digital ecosystem. Anwar, who is also the Finance Minister, chaired the second Digital Assets and Artificial Intelligence Advisory Council meeting of the year today, which focused on the future of digital assets in Malaysia's capital market. "Among the main agenda items discussed were developments in blockchain technology, tokenisation, post-quantum cryptography, and the launch of the Malaysia Blockchain Infrastructure (MBI), which is a key driver of the nation's digital ecosystem." "This meeting also served as a platform to exchange views on global market trends, the potential of digital assets, and future performance expectations based on technical perspectives from strategic partners," he added. On May 6, the Malaysian Securities Commission issued a consultation paper to gather public feedback on the proposed framework for tokenised capital market products. The paper seeks input on key areas including governance controls, record-keeping and registration requirements, technology risk management, and additional requirements for licensed individuals dealing with tokenised capital market products.– BERNAMA
Barnama
2 hours ago
- Barnama
SejaTi MADANI Initiative: Over 1,000 Grant Applications Received, 668 Projects Approved
KOTA BHARU, July 23 (Bernama) -- The SejaTi MADANI initiative continues to record encouraging success in Kelantan, with a total of 1,135 grant applications received as of yesterday from communities across the state. The Kelantan Federal Development Office of the Implementation Coordination Unit, Prime Minister's Department (ICU JPM), in a statement today, said that out of the total, 668 projects had been approved and were currently being implemented, reflecting the people of Kelantan's strong commitment to empowering the local economy through various community projects. 'For the year 2024 alone, 1,065 applications have been received, with 523 projects approved and carried out. The increase in applications this year proves the public's growing awareness and confidence in the potential of the SejaTi MADANI programme to support community-based economic development. 'Five key sectors have been the main focus of grant applications, namely agriculture and food, tailoring and handicrafts, herbs and health, tourism and hospitality, as well as green and recycling activities. The agriculture and food sector recorded the highest number of applications, showing the community's inclination to making it a stable and sustainable source of income,' the statement read. According to ICU JPM, the districts of Tumpat, Kubang Kerian, Bachok and Pasir Puteh recorded the highest number of applications, reflecting strong interest and active participation of the community in seizing the opportunities offered by the initiative. The SejaTi MADANI programme empowers grassroots communities to plan and implement projects that suit their needs with grant support of up to RM100,000. 'Among the projects that have recorded notable achievements are the stingless bee farming project by the Tasek Berangan Community Organisation in Pasir Mas, which produces high-quality stingless bee honey for the local market and has the potential to be expanded as an agro-tourism product,' ICU JPM said. In addition, corn and vegetable farming in Kampung Paloh, Tanah Merah, and seedless watermelon cultivation in Kampung Air Tawar, Semerak, Pasir Puteh have also achieved success. 'The implementation of this programme is expected to continue serving as a key platform in sustainably empowering the people of Kelantan economically,' read the statement.
Barnama
2 hours ago
- Barnama
PM's Announcement Shows MADANI Gov't Committed To Easing People's Burden
GENERAL KUALA LUMPUR, July 23 (Bernama) -- Leaders of state governments have described Prime Minister Datuk Seri Anwar Ibrahim's announcement of several initiatives today as proof of the continued concern and commitment of the MADANI Government in assisting to ease the people's burden. In NEGERI SEMBILAN, Menteri Besar Datuk Seri Aminuddin Harun said the initiatives announced, including the one-time provision of RM100 under the Sumbangan Asas Rahmah (SARA) programme and petrol price reduction, are a good start and can ease the people's burden. "Such announcements give meaning to the people... for those in need, it is a very meaningful gift and can help them in their daily lives,' he told reporters after chairing the state executive council meeting in Seremban today. Aminuddin, who is also the Port Dickson Member of Parliament, said the state government welcomed the good news and is confident it can encourage the people to continue to be positive in facing daily life challenges. He added that the government's decision to multiply the MADANI Rahmah Sales and double the allocation for the programme to RM600 million was also the best initiative that will significantly benefit the people. In MELAKA, the state government will plan tourism activities for visitors in conjunction with the additional public holiday on Sept 15 to further invigorate the tourism sector in the state as part of its new industry, said Chief Minister Datuk Seri Ab Rauf Yusof. "I will make this tourism sector a new industry in Melaka… it will have all kinds (of tourism activities in Melaka), covering air, land and sea,' he told reporters outside the State Legislative Assembly sitting today. In SELANGOR, Menteri Besar Datuk Seri Amirudin Shari described the announcement of the one-off RM100 aid through MyKad under SARA as proof of the MADANI Government's care and concern towards the people's plight. He said that with 22 million Malaysians set to benefit from the total allocation of RM2 billion via SARA, it will help propel the economic cycle forward through the expected spending or purchase transactions.
