Ringgit opens lower against US dollar as global economic outlook weighs on Asian currencies
KUALA LUMPUR, June 9 — The ringgit opened lower against the US dollar today as the greenback strengthened amid renewed volatility from a challenging global economy outlook for the second half of 2025.
At 8.03am, the local note stood at 4.2375/2560 against the greenback, easing from Friday's close of 4.2270/2360.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is expected to range between 4.23 and 4.24 today, following the stronger-than-expected United States (US) nonfarm payroll (NFP) data for May.
He highlighted that the US NFP rose 139,000 in May, higher than the consensus estimate of 126,000, while the unemployment rate was sustained at 4.2 per cent for three consecutive months, pushing the US dollar index (DXY) higher on Friday to 99.190 points.
'The latest NFP print seems to suggest that the labour market in the US is still fairly resilient despite having to contend with higher tariffs,' he told Bernama.
Nonetheless, Mohd Afzanizam said, April's NFP was revised lower to 147,000 from 177,000, and the US labour force participation rate declined to 62.4 per cent in May from 62.6 per cent in April.
'On that note, while the labour market is still chugging along, signs of further moderation in the data series have been gradually emerging.
'As business and consumer sentiments remain weak, the outlook for the second half of 2025 economy looks increasingly challenging. Hence, the case for a lower US Federal Fund Rate is gaining momentum in our view,' he added.
He noted that the ringgit has gained against the greenback, with USDMYR closing at 4.2315, giving a week-on-week appreciation of 0.6 per cent last week.
At the early session, the ringgit traded mostly lower against a basket of major currencies.
It slightly increased against the Japanese yen to 2.9305/9435 from Friday's 2.9324/9390, but depreciated versus the British pound to 5.7367/7618 from 5.7212/7334 and eased vis-a-vis the euro to 4.8341/8552 from 4.8268/8371.
The local currency also traded mostly lower against most of its Asean peers.
It rose versus the Thai baht to 12.9468/13.0121 from 12.9599/9947 at Friday's close, while the ringgit decreased against the Singapore dollar to 3.2892/3041 from 3.2862/2934, dropped against the Philippine peso to 7.60/7.64 from 7.58/7.60 and fell against the Indonesian rupiah to 260.1/261.4 from 259.5/260.2. — Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
17 minutes ago
- The Star
FBM KLCI edges up at midday amid cautious market sentiment
KUALA LUMPUR: Bursa Malaysia ended the morning session on a firmer note, with the FBM KLCI edging higher amid cautious market sentiment and lingering external headwinds. At the lunch break, the benchmark FBM KLCI rose 3.37 points, or 0.22%, to 1,520.16, after touching an intraday high of 1,521.64. There were 437 gainers, 370 losers and 425 counters traded unchanged on the Bursa Malaysia. Turnover stood at 1.68 billion shares valued at RM888.4mil. TA Securities said immediate resistance for the FBM KLCI remained at 1,564, with stronger hurdles at the recent high of 1,586 and then 1,610. Immediate support is at 1,490, with firmer support at 1,465 and 1,444. 'As for stock picks this week, key gaming, banking, construction, and technology heavyweights and lower liners such as Genting, Genting Malaysia, Maybank, Public Bank, MRCB, WCT Holdings, Globetronics, and Inari should again attract bargain hunters looking for potential recovery at current oversold levels,' it added. Meanwhile, Hong Leong Investment Bank Research said the FBM KLCI may continue to trend sideways with a slight upward bias, supported by last week's constructive call between Trump and Xi and the commencement of the second round of US-China trade talks in London today. That said, it noted that broader market sentiment remained cautious amid ongoing foreign outflows, uncertainty over the US-Malaysia tariff deal, and June's historically weak seasonality. 'Concerns are further amplified by a weakening global trade environment, ongoing macroeconomic headwinds, the Trump administration's unpredictable trade stance, and the potential for domestic subsidy rationalisation in 2H25 — all of which may cloud Malaysia's growth and earnings outlook,' it said. On Bursa Malaysia, Malaysian Pacific Industries led the gainers, climbing 70 sen to RM20.90. Ayer rose 36 sen to RM7.60, Chin Tek added 30 sen to RM9.10 and F&N climbed 26 sen to RM27.64. Meanwhile, the top decliner was Nestle, which lost RM2.48 to RM74.64. PETRONAS Dagangan fell 36 sen to RM20.64, LPI Capital eased 26 sen to RM14.64 and United Plantations gave up 22 sen to RM21.42. Hartanah Kenyalang saw active trading on its ACE Market debut, with 16.67 million shares changing hands as the stock eased 0.5 sen to 15.5 sen.
Malaysian Reserve
29 minutes ago
- Malaysian Reserve
ZTE Releases Sustainability Report 2024: Empowering a Sustainable Future through Digital Intelligence
SHENZHEN, China, June 8, 2025 /PRNewswire/ — ZTE Corporation ( / a global leading provider of integrated information and communication technology solutions, has recently released its Sustainability Report 2024, marking the 17th consecutive year the company has proactively disclosed its sustainable commitments and progress to the public. The ZTE Corporation Sustainability Report 2024 highlights ZTE's strong ESG strategies and achievements, showcasing how the company is leveraging digital innovation to drive sustainable transformation across the globe. Amid the accelerating wave of global digitalization, ZTE remains committed to its role as a 'Driver of the Digital Economy', advancing its sustainability agenda on two fronts: by making significant strides in green operations guided by science-based carbon targets, and by enabling digital and low-carbon transformation across industries through cutting-edge technologies. Xu Ziyang, Executive Director and CEO of ZTE, states in the report, 'The new wave of AI-driven technological revolution, particularly the boom of large models and generative AI, has propelled the global digital and intelligent transformation. In this critical year filled with both challenges and opportunities, ZTE, as a 'Driver of Digital Economy', stayed true to its original aspiration and responded to the call of the times.' The report reveals that ZTE continues to strengthen the underlying capabilities and scaling up R&D investment to build stronger core competence, with the R&D expenses accounting for 19.81% of operating revenue. As of December 31, 2024, ZTE had filed 93,000 global patent applications, with over 48,000 patents granted. Specifically, in the field of chips, ZTE had filed about 5,500 patent applications, with over 2,000 granted. In the field of AI, the company had filed more than 5,000 patent applications, with nearly half of them already granted, demonstrating strong innovation and technological capabilities. Advancing Green Strategies to Tackle Climate Challenges ZTE centers its core drive on technological innovation, continuously deepening its green development strategy to address climate change challenges and promote the coordinated advancement of digital intelligence and sustainability across industries. In 2024, ZTE received official approval from the Science-Based Targets initiative (SBTi) for its near-term 1.5°C target and long-term net-zero targets. In the same year, ZTE published the ZTE Net-Zero Strategy White Paper. The company continues to advance its 'Green Digital Path' initiative across four dimensions: green corporate operations, green supply chain, green digital infrastructure, and green empowerment. ZTE has been named to the prestigious CDP A list for leading climate action for two consecutive years, reinforcing its global climate leadership. In terms of green corporate operations, ZTE has achieved the remarkable feat of increasing revenue while reducing energy consumption, thanks to years of continuous effort. In 2024, the company improved its energy efficiency by 20% compared with 2021, and recorded a 13.4% reduction in Scope 1&2 emissions compared to the previous year. Its telecom products saw an 8.39% reduction in physical emissions intensity during the use and maintenance phase, while its terminal products achieved a 5.02% year-on-year reduction in absolute emissions over the entire product lifecycle. ZTE reduced its Scope 1&2&3 carbon emissions by 14.317 million tons in 2024 compared to 2023 levels. For green supply chain, in 2024, ZTE has integrated dual-carbon strategy requirements into supplier management IT systems, including agreement signing, on-site audits, and performance assessments. In this year, ZTE conducted onsite CSR audits for 261 production suppliers (representing 86.9% of the top 90% suppliers by procurement amount). Regarding green digital infrastructure, ZTE boasts over 800 green innovation patents. As of 2024, the company has conducted carbon footprint assessments for 154 products, covering all its product categories. Through its end-to-end green solutions, ZTE continues to help global operators save over 10 billion kWh of electricity annually. In green empowerment of industries, ZTE has actively integrated cloud and network infrastructure, IoT, big data, AI and other cutting-edge technologies with traditional industries to achieve a win-win outcome of development and emission reduction. The company has partnered with over 2,000 leading industry players to carry out 5G-powered innovative green practices across 18 sectors—including steel, metallurgy, electronics manufacturing, ports, rail transit, mining, and power—pioneering more than 100 innovative application scenarios. Upholding a People-Centered Approach to Foster an Inclusive Society ZTE has pursued sustainable development by advancing both technological leadership and CSR fulfillment. By leveraging its technological advantages, it provides tailored digital solutions to global customers, helping to bridge the digital divide and accelerate digital transformation worldwide. For example, ZTE and Orange have jointly launched the 'Enhance Rural Area' project, delivering communications infrastructure to rural regions in Liberia and enabling digital access for more than 580,000 people in remote areas. In Anyang, Henan, the company supported the development of a drone-based blood delivery system, effectively addressing the 'last mile' challenge in urban medical logistics. In Hainan, ZTE ensured uninterrupted emergency communications with satellite terminals during Typhoon Yagi. ZTE upholds a people-oriented philosophy. In 2024, ZTE achieved 100% employee training coverage and its ISO 45001 Occupational Health and Safety Management Systems certification now covers offices in 30 countries. In 2024, ZTE carried out 310 regular public welfare activities across various fields, including rural revitalization, education support, and medical and disaster relief. With the joint efforts of 15,000 employee volunteers, the company has provided assistance to over one million people in need, continuously delivering warmth and creating social value. Strengthening Governance to Enhance Corporate Resilience Xie Junshi, EVP and COO of ZTE, states in the report, 'Committed to innovation-driven and sustainable development, ZTE has embedded ESG into every aspect of its operations. By harnessing digital and intelligent technologies, we are developing a development model that coexists harmoniously with nature and society, while exploring a path for business continuity in the new era.' Integrating sustainable development with its corporate strategies, ZTE aspires to strengthen its core competitiveness with a focus on its vision and three strategic cornerstones—internal control, compliance, and talent. In 2024, ZTE upgraded the corporate governance system and established the Strategy and Sustainability Committee to better incorporate the philosophy of sustainable development into its strategies and business activities. In terms of corporate risk prevention and control, ZTE places particular emphasis on identifying and responding to emerging risks. As AI technology rapidly transforms the world, it brings immense business opportunities while also raising widespread concerns over ethical risks such as privacy infringement and algorithmic bias. To proactively address these challenges, ZTE established the Science and Technology Ethics Committee in 2024, demonstrating high-level organizational commitment to ethical governance. In addition, the company has put in place a technology ethics governance framework to review and assess AI-related R&D projects individually, ensuring the safe, reliable, and inclusive development of AI. As a member of the UN Global Compact and the Global Enabling Sustainability Initiative and a key participant and a pioneer in the Partner2Connect (P2C) Digital Coalition initiated by the International Telecommunication Union, ZTE has received widespread recognition from numerous global authoritative organizations and rating agencies for its exemplary sustainability practices. In 2024, ZTE was recognized with EcoVadis Gold Medal for sustainability excellence. In addition, the company was selected for the S&P Global's Sustainability Yearbook 2024 (China Edition) and honored with the title of 'Industry Mover'. It was also listed among the 2024 Forbes China ESG 50 list and received the World Internet Conference Distinguished Contribution Award. Furthermore, ZTE won two BDO ESG awards, as well as the LinkedIn MostIn Awards – Global Talent Magnet Employer, among others. Moving forward, ZTE will continue to promote sustainable development globally, leveraging technological innovation and international collaboration to inject digital vitality into efforts toward the United Nations Sustainable Development Goals, working toward a greener, more inclusive, and resilient future. For more details of ZTE Sustainability Report 2024, please download: To discover more updates about our commitment to the sustainability, please visit ZTE Sustainability website: MEDIA INQUIRIES:ZTE CorporationCommunicationsEmail:
Malay Mail
an hour ago
- Malay Mail
High Court dismisses committal bid by former KL Tower operator against govt, individuals, orders RM25,000 payment
KUALA LUMPUR, June 9 — The High Court here today dismissed the former operator of Kuala Lumpur Tower's leave application to commence committal proceedings against seven individuals and the government. The former operator, Menara Kuala Lumpur Sdn Bhd, and its parent, Hydroshoppe Sdn Bhd, are seeking contempt of court action against the eight for allegedly disrupting the administration of justice amid ongoing legal proceedings. Judge Roz Mawar Rozain, who rejected the application, ordered the two companies to pay RM25,000 to the respondents, including Communications Minister Datuk Fahmi Fadzil. — Bernama MORE TO COME
