Ringgit closes higher amid Japan's political uncertainty
SPI Asset Management managing partner Stephen Innes said the ringgit trended higher, supported by the election setback for Japan's Prime Minister Shigeru Ishiba's coalition, which did not trigger broader market volatility.
'The absence of contagion allowed Asian and other emerging market currencies, including the ringgit, to edge higher and strengthen modestly,' he told Bernama.
Echoing Innes, Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit traded firmer in tandem with a 0.13% decline in the US Dollar Index to 98.268 points, as major currencies such as the euro, yen, and the British pound all appreciated against the greenback.
'Despite uncertainties surrounding Japanese politics, the US dollar is struggling to appreciate, yet this has not resulted in a weak Japanese yen,' he said.
On that note, Afzanizam said the ringgit was generally firmer against the US dollar, with the pair hovering around RM4.2375 in the afternoon, compared to RM4.2493 during the morning session.
At 6pm, the ringgit rose to 4.2320/4.2365 against the greenback, compared to Friday's close of 4.2410/4.2455.
At the close, the ringgit was traded mostly higher against a basket of major currencies.
It strengthened against the British pound to 5.6954/5.7015 from 5.6999/5.7060 and advanced versus the euro to 4.9277/4.9330 from 4.9336/4.9388 at Friday's close.
However, it fell against the Japanese yen to 2.8612/2.8644 from 2.8517/2.8549.
Meanwhile, the local currency rose vis-à-vis the Singapore dollar to 3.2990/3.3028 from 3.3027/3.3065, and gained against the Thai baht to 13.0754/13.0954 from 13.3027/13.3065.
Additionally, the ringgit appreciated against the Indonesian rupiah to 259.2/259.6 from 260.2/260.6 and edged up versus the Philippine peso to 7.40/7.41 from 7.41/7.43 previously.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
6 hours ago
- Free Malaysia Today
Pharmaniaga completes regularisation plan, to exit PN17 early 2026
Pharmaniaga Bhd fell into PN17 status in February 2023, dragged by its RM552.3 million provision for 'slow-moving inventories' of Covid-19 vaccines. KUALA LUMPUR : Pharmaniaga Bhd has completed its Practice Note 17 (PN17) regularisation plan following the completion of its capital reduction exercise through the cancellation of RM520 million in issued share capital. The pharmaceutical company said this step firmly sets the group on course to exit the PN17 status latest by the first quarter of 2026. 'The capital reduction exercise, which involved the cancellation of RM520 million in issued share capital, was completed after confirmation was received today from the registrar of companies that all statutory requirements have been fulfilled. 'Following the completion of this exercise, the issued share capital of the group is RM249.62 million, comprising 6.55 billion shares,' it said in a statement. Pharmaniaga fell into PN17 status in February 2023, dragged by its RM552.3 million provision for 'slow-moving inventories' of Covid-19 vaccines. At the close of trading today, the counter finished unchanged at 18.5 sen, with 28.69 million shares changing hands.
The Star
7 hours ago
- The Star
South Korea to offer visa-free entry to Chinese tourists from late September
A large crowd of tourists walks through Bukchon Hanok Village in Seoul, South Korea, October 25, 2024. - Photo: Reuters file SEOUL: South Korea will offer visa-free entry to tourist groups from China, for a temporary period from September 29 through June 2026, to boost foreign tourism ahead of an Asia-Pacific summit, the government said on Wednesday (Aug 6). The visa-free offer was first announced in March after China's decision last November to offer a visa exemption to South Koreans and foreign visitors from other countries. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. It also comes amid expectations that ties between the two countries will improve under the new South Korean administration of liberal President Lee Jae Myung. The decision to introduce the measure ahead of a Chinese holiday period in early October will help boost the domestic economy amid a recovery in foreign visits, the tourism ministry said, after a meeting to discuss measures to revitalise tourism ahead of the Asia-Pacific summit. South Korea will host a summit of leaders from 21 economies for the Asia-Pacific Economic Cooperation (APEC) forum from October 31 to November 1 in the southeastern city of Gyeongju, a gathering where Chinese leader Xi Jinping and U.S. President Donald Trump might hold separate talks. Shares of South Korean department stores, casinos, hotels and beauty product makers rallied on hopes of a boost from Chinese demand. Hyundai Department Store ( opens new tab shares jumped 7.1%, Hotel Shilla ( opens new tab rose 4.8%, casino operator Paradise ( opens new tab climbed 2.9% and Hankook Cosmetics ( opens new tab surged 9.9%. - Reuters
Malay Mail
8 hours ago
- Malay Mail
Four decades, one mission: Johor couple keeps Malaysia close to tourists' hearts
BATU PAHAT, Aug 6 — In a corner of the Arena Warna complex in Ayer Hitam — a popular spot for traditional handicrafts and snacks — an elderly couple can be seen diligently serving customers at their souvenir shop. With warm and welcoming smiles, 70-year-old Wang Ah Hie and his 69-year-old wife Karen Lim proudly display a range of locally themed merchandise, including T-shirts bearing the words 'Malaysia', 'Johor' and 'Ayer Hitam'. For the couple, these items are more than just products for sale — they are a symbol of their love and devotion to the country. 'When tourists return to their home countries, they take a piece of Malaysia with them. This is our small way of introducing the country to visitors and fostering a sense of patriotism among locals,' he told Bernama at his shop. The couple began modestly by selling handmade crafts by others — including pottery, vases, fridge magnets and T-shirts — by the roadside in Ayer Hitam in 1980. In 2000, they took a step forward by launching their own products under the 'Kampungku' brand. — Picture from X/Bernama The couple began modestly by selling handmade crafts by others — including pottery, vases, fridge magnets and T-shirts — by the roadside in Ayer Hitam in 1980. In 2000, they took a step forward by launching their own products under the 'Kampungku' brand. What makes their business even more unique is that most of the designs for their T-shirts, mugs, jackets, tote bags and caps are created by their eldest son, Wang Sin Ee, 45. Sin Ee said they opened a branch at Senai International Airport in 2015, aiming to attract foreign tourists seeking to take home a memento of Malaysia. 'We want tourists not just to buy our products as souvenirs, but also to feel proud when wearing something that says 'Malaysia'. Patriotism isn't just for locals — it can be shared with others too,' he said. What makes their business even more unique is that most of the designs for their T-shirts, mugs, jackets, tote bags and caps are created by their eldest son, Wang Sin Ee, 45. — Picture from X/Bernama According to him, the distinctive designs of Kampungku's T-shirts have drawn strong interest from tourists from Singapore, Indonesia, Vietnam, China, Japan, South Korea, and Middle Eastern countries. 'We come up with more than 20 T-shirt designs every year due to strong demand. We make sure every design reflects elements of Malaysia — from the colours to the lettering. That's what makes them stand out,' he said. Meanwhile, Yong Peng District Council secretary Muhamad Sharul Azmi Md Kamil described the family's efforts as extraordinary in promoting national identity through small-scale entrepreneurship. 'Imagine, for over four decades they have tirelessly promoted the names Malaysia, Johor, and Ayer Hitam to foreign tourists. This is a remarkable example of ordinary citizens helping to elevate the country's image on the global stage,' he said. — Bernama
