Ringgit strengthens broadly on cautious trade sentiment
At 8 am, the local note stood at 4.2110/2310 versus the greenback, compared with Friday's close of 4.2195/2245.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that earlier, the US and the European Union (EU) had agreed to a 15 per cent tariff on most EU imports, while most US imports would face zero tariff under the deal.
He said markets are also closely watching the upcoming US Federal Open Market Committee (FOMC) meeting scheduled for July 29 and 30, with consensus expecting no change to the Federal Funds Rate, currently at 4.25 per cent to 4.50 per cent.
"Based on recent developments, most countries appear accommodative in offering favourable terms to the US. It remains to be seen whether this will effectively narrow the trade balance in the near term.
"However, the cost of doing business in the US is likely to rise, and it also appears the US may be relying on a weaker dollar to boost export competitiveness.
"Against this backdrop, we expect the ringgit to remain within a narrow range of RM4.22 to RM4.23 versus the US dollar,' Mohd Afzanizam told Bernama.
At opening here, the ringgit traded mostly higher against a basket of major currencies.
It rose against the Japanese yen to 2.8499/2863 from 2.8529/8565 at Friday's close, and strengthened versus the British pound to 5.6600/6869 from 5.6786/6853. However, it eased slightly against the euro to 4.9521/9757 from 4.9507/9566.
Against regional peers, the ringgit was also firmer.
It advanced against the Indonesian rupiah to 258.0/259.3 from 258.5/258.9 on Friday, and gained versus the Singapore dollar at 3.2878/3039 from 3.2937/2978.
The local note also strengthened against the Thai baht to 12.9809/13.0546 from 13.0268/0478, and edged up against the Philippine peso to 7.37/7.41 from 7.38/7.40 previously. - Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
28 minutes ago
- The Sun
Fukushima radioactive debris removal delayed until 2037
TOKYO: The removal of hundreds of tonnes of radioactive debris from Japan's tsunami-damaged Fukushima nuclear plant has been postponed until at least 2037, operator Tokyo Electric Power Company (Tepco) announced. Around 880 tonnes of hazardous material remain inside the facility, which suffered one of history's worst nuclear disasters following a 9.0-magnitude earthquake and tsunami in 2011. Tepco official Akira Ono stated that preparatory work for the retrieval process is expected to take '12 to 15' years, pushing the earliest possible start date to 2037. This marks a delay from the company's earlier projection of the early 2030s. Extracting melted fuel and other debris is considered the most challenging aspect of the decades-long decommissioning effort due to dangerously high radiation levels. While small samples have been collected in trial runs using specialised equipment, full-scale removal operations have yet to begin. The revised timeline casts doubt on Tepco and the Japanese government's goal of declaring the Fukushima plant fully decommissioned by 2051. However, Ono maintained that the target remains achievable, calling it the company's 'responsibility' to 'figure out how to meet it,' despite acknowledging the difficulty. Three of Fukushima's six reactors suffered meltdowns in 2011 after the tsunami overwhelmed the plant's cooling systems. - AFP
Barnama
an hour ago
- Barnama
HKN 2025 Records Over RM1 Mln In Sales
MELAKA, July 29 (Bernama) -- The National Cooperative Day (HKN) 2025 celebration, held over three days from Friday to Sunday, recorded sales amounting to RM1,099,862.55. The Cooperative Commission of Malaysia (SKM) said the event, themed 'Cooperatives Empowering Communities, Building a MADANI Nation', also recorded potential sales of over RM21 million, reflecting a significant economic impact on the local cooperative ecosystem. It said the celebration drew 58,114 visitors, surpassing the initial target of 50,000, demonstrating strong public support for government initiatives to promote cooperatives through community-focused programmes, particularly for the B40 group.
Barnama
an hour ago
- Barnama
CPO Futures Close Higher On Stronger Soybean Oil Prices
By Nur Athirah Mohd Shaharuddin KUALA LUMPUR, July 29 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Tuesday on the back of stronger soybean oil prices, according to palm oil trader David Ng. However, he noted that expectations of rising production and subdued demand are limiting further price gains. "We see CPO prices supported above RM4,250 and resistance at RM4,400 a tonne," he told Bernama. At the close, the spot-month August contract gained RM38 to RM4,188 per tonne, September 2025 added RM8 to RM4,231 per tonne, and October 2025 edged up RM12 to RM4,254 per tonne. The November 2025 contract increased RM16 to RM4,269 per tonne, December 2025 climbed RM19 to RM4,279 per tonne, and January 2026 put on RM21 to RM4,284 per tonne. Trading volume jumped to 61,890 lots from 48,430 lots on Monday, while open interest slipped to 224,301 contracts from 226,093 contracts previously. The physical CPO price for July South rose RM10 to RM4,210 per tonne. -- BERNAMA
