Ringgit slightly up against US dollar amid cautious sentiment
KUALA LUMPUR: The ringgit opened slightly higher against the US dollar on Tuesday amid caution about the outcome of trade talks between China and the United States.
At 8 am, the local note made a small rebound to 4.2275/2370 against the greenback compared to Monday's close of 4.2290/2345.
Bank Muamalat Malaysia Bhd's chief economist, Dr Mohd Afzanizam Abdul Rashid, said the US dollar index (DXY) was down 0.25 per cent to 98.939 points as the US and China trade talks proceeded as planned, with positive indications from US officials about the negotiations.
He highlighted that data from China showed the country's trade with the United States has been declining significantly, with exports and imports falling 34.5 per cent and 18.1 per cent, respectively, in May.
'The figures represented the second consecutive month of contraction, showing that the tariff shocks have had a significant impact on international trade. Meanwhile, the negative print for China's consumer price index has been ongoing for four consecutive months, with the latest reading standing at minus 0.1 per cent year-on-year in April, indicating a challenging economic outlook given weak demand,' he told Bernama.
Mohd Afzanizam noted that the USD/MYR remained in a narrow range between RM4.231 and RM4.2458 yesterday amid cautious sentiment among traders and investors, with a similar trend expected to continue today.
In early trade, the ringgit traded higher against a basket of major currencies.
It rose against the Japanese yen to 2.9242/9310 from Monday's 2.9344/2.9384, appreciated versus the British pound to 5.7300/7428 from 5.7392/7466 and gained vis-à-vis the euro to 4.8303/8412 from 4.8316/8379.
The local currency traded mixed against most of its ASEAN peers.
It improved versus the Singapore dollar to 3.2876/2952 from 3.2908/2953 but fell against the Thai baht to 12.9463/9846 from 12.9414/9642 on Monday.
It traded almost flat vis-à-vis the Indonesian rupiah at 259.4/260.1 from 259.5/260.0 and was unchanged against the Philippine peso at 7.57/7.59.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Express
40 minutes ago
- Daily Express
Ringgit opens higher against greenback as US-China trade talks resume
Published on: Wednesday, June 11, 2025 Published on: Wed, Jun 11, 2025 By: Bernama Text Size: At 8 am, the local note rose to 4.2290/2380 versus the greenback from Tuesday's close of 4.2360/2420. Kuala Lumpur: The ringgit opened higher against the US dollar on Wednesday, as the market resumed its observation on further trade negotiations between the United States (US) and China in London, an analyst said. At 8 am, the local note rose to 4.2290/2380 versus the greenback from Tuesday's close of 4.2360/2420. Advertisement Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar index (DXY) see-sawed between 98.962 and 99.358 last night as traders and investors continued to monitor the US-China trade talks. 'US secretary of commerce Howard Lutnick described the discussion as running well, suggesting the two nations could potentially arrive at a midway (point) in their negotiations,' he told Bernama. Meanwhile, Mohd Afzanizam said the debate on US President Donald Trump's 'Big, Beautiful Bill' is still ongoing among the US Senate, as some Republicans are pushing for the phasing out of the clean-energy tax credit on the grounds of protecting investors and jobs from major disruptions. He said the US fiscal position would be in the spotlight as fiscal deficits and government debt are expected to climb. 'While market sentiments demonstrated a positive sign, it is still an early day. On that note, we expect the ringgit-dollar exchange to remain range-bound between 4.23 and 4.24 today,' he said At the opening, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 2.9200/9264 from Tuesday's close of 2.9270/9314, and strengthened versus the British pound to 5.7121/7243 from 5.7152/7233, but marginally lower vis-a-vis the euro to 4.8367/8470 from 4.8354/8422 yesterday. The local currency traded higher against its ASEAN peers. It gained versus the Singapore dollar to 3.2885/2957 from 3.2932/2981 at Tuesday's close and improved against the Thai baht to 12.9664/13.0040 from 12.9712/9955. The ringgit was slightly higher vis-a-vis the Philippine peso at 7.57/7.59 from 7.58/7.60 yesterday and inched up against the Indonesian rupiah to 259.8/260.5 from 260.2/260.7 previously. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Star
an hour ago
- The Star
Ringgit opens higher against greenback as US-China trade talks resume
KUALA LUMPUR: The ringgit opened higher against the US dollar on Wednesday, as the market resumed its observation on further trade negotiations between the United States (US) and China in London, an analyst said. At 8 am, the local note rose to 4.2290/2380 versus the greenback from Tuesday's close of 4.2360/2420. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar index (DXY) see-sawed between 98.962 and 99.358 last night as traders and investors continued to monitor the US-China trade talks. "US secretary of commerce Howard Lutnick described the discussion as running well, suggesting the two nations could potentially arrive at a midway (point) in their negotiations,' he told Bernama. Meanwhile, Mohd Afzanizam said the debate on US President Donald Trump's "Big, Beautiful Bill' is still ongoing among the US Senate, as some Republicans are pushing for the phasing out of the clean-energy tax credit on the grounds of protecting investors and jobs from major disruptions. He said the US fiscal position would be in the spotlight as fiscal deficits and government debt are expected to climb. "While market sentiments demonstrated a positive sign, it is still an early day. On that note, we expect the ringgit-dollar exchange to remain range-bound between 4.23 and 4.24 today,' he said At the opening, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 2.9200/9264 from Tuesday's close of 2.9270/9314, and strengthened versus the British pound to 5.7121/7243 from 5.7152/7233, but marginally lower vis-a-vis the euro to 4.8367/8470 from 4.8354/8422 yesterday. The local currency traded higher against its ASEAN peers. It gained versus the Singapore dollar to 3.2885/2957 from 3.2932/2981 at Tuesday's close and improved against the Thai baht to 12.9664/13.0040 from 12.9712/9955. The ringgit was slightly higher vis-a-vis the Philippine peso at 7.57/7.59 from 7.58/7.60 yesterday and inched up against the Indonesian rupiah to 259.8/260.5 from 260.2/260.7 previously. - Bernama
Malay Mail
an hour ago
- Malay Mail
Ringgit ticks up at open as ‘Big, Beautiful Bill' debate keeps traders watching
KUALA LUMPUR, June 11 — The ringgit opened higher against the US dollar on Wednesday, as the market resumed its observation on further trade negotiations between the United States (US) and China in London, an analyst said. At 8 am, the local note rose to 4.2290/2380 versus the greenback from Tuesday's close of 4.2360/2420. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US dollar index (DXY) see-sawed between 98.962 and 99.358 last night as traders and investors continued to monitor the US-China trade talks. 'US secretary of commerce Howard Lutnick described the discussion as running well, suggesting the two nations could potentially arrive at a midway (point) in their negotiations,' he told Bernama. Meanwhile, Mohd Afzanizam said the debate on US President Donald Trump's 'Big, Beautiful Bill' is still ongoing among the US Senate, as some Republicans are pushing for the phasing out of the clean-energy tax credit on the grounds of protecting investors and jobs from major disruptions. He said the US fiscal position would be in the spotlight as fiscal deficits and government debt are expected to climb. 'While market sentiments demonstrated a positive sign, it is still an early day. On that note, we expect the ringgit-dollar exchange to remain range-bound between 4.23 and 4.24 today,' he said At the opening, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 2.9200/9264 from Tuesday's close of 2.9270/9314, and strengthened versus the British pound to 5.7121/7243 from 5.7152/7233, but marginally lower vis-a-vis the euro to 4.8367/8470 from 4.8354/8422 yesterday. The local currency traded higher against its ASEAN peers. It gained versus the Singapore dollar to 3.2885/2957 from 3.2932/2981 at Tuesday's close and improved against the Thai baht to 12.9664/13.0040 from 12.9712/9955. The ringgit was slightly higher vis-a-vis the Philippine peso at 7.57/7.59 from 7.58/7.60 yesterday and inched up against the Indonesian rupiah to 259.8/260.5 from 260.2/260.7 previously. — Bernama
