Ringgit ends lower amid profit-taking
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the ringgit recorded a sharp rise earlier in the day, reaching as high as RM4.1860 during the morning session, before the US dollar–ringgit pair climbed to RM4.2088 later in the day.
He noted that the US dollar/ringgit had crossed the psychological threshold of RM4.20, but profit-taking activities may have emerged as traders sought to lock in gains.
'At the current juncture, enthusiasm for an interest rate cut by the US Federal Reserve (Fed) has gained momentum, and it is taking a toll on the US dollar.
'The impression that the Fed might be behind the curve in managing the monetary policy could also have contributed to the weakness in the US dollar,' he told Bernama.
At 6pm, the local note slipped to 4.2090/4.2145 from yesterday's close of 4.2040/4.2085.
At the close, the ringgit ended mostly lower against major currencies, except the euro, against which it appreciated to 4.9170/4.9234 from 4.9305/4.9357.
It fell versus the Japanese yen to 2.8703/2.8742 from yesterday's close of 2.8554/2.8586 and decreased vis-a-vis the British pound to 5.7146/5.7220 from 5.7078/5.7139.
The ringgit traded mostly higher against regional peers.
It strengthened versus the Singapore dollar to 3.2849/3.2895 from 3.2864/3.2902 at yesterday's close, rose versus the Thai baht to 13.0004/13.0238 from 13.0276/13.0476, and was higher against the Philippine peso to 7.39/7.41 from 7.41/7.42.
However, the local note depreciated against the Indonesian rupiah to 261.1/261.6 from 259.4/259.8.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
3 hours ago
- Barnama
Pulau Pangkor Emerge As Largest Contributor To Anchovy landings In Perak Last Year
IPOH, Aug 16 (Bernama) -- Pulau Pangkor has emerged as the largest contributor to anchovy landings in Perak with a record of 2,844.44 tonnes worth RM42.67 million in 2024. The Department of Fisheries (DOF) Malaysia said the achievement underscores the significant role of Pulau Pangkor in the country's fisheries industry, especially the anchovy fishing sector. "Nationally, the anchovy landings in Malaysia in 2024 totalled 14,589.20 tonnes valued at RM164.89 million, referring to the same species, Ikan Bilis/Bunga Air, as categorised in official records. "Among the main producing states are Sabah (5,956.17 tonnes), Perak (2,852.91 tonnes), Kedah (1,818.98 tonnes) and Kelantan (992.65 tonnes)," the statement said. The statement also stated that the Minister of Agriculture and Food Security (KPKM), Datuk Seri Mohamad Sabu, had earlier conducted a working visit to the anchovy industry area on Pulau Pangkor earlier today. According to the DOF statement, Pulau Pangkor currently has 694 vessels registered in various operational zones, namely Zone A (462 vessels), Zone B (44 vessels), Zone C (168 vessels) and Zone C2 (20 vessels) which allows the landing of various fish species, including anchovies. The statement further said that apart from anchovies, statistics also showed that among the top 10 species landed in Manjung Selatan in 2024 were pelaring, tongkol (skipjack tuna), tamban sisek, selayang, kembong (Indian mackerel), cincaru, selar, white shrimp and squid, with a total landing value of RM644.08 million. 'Pulau Pangkor also contributes to Perak's aquaculture sector with a production of 7,056.40 tonnes in 2024 through brackish water pond farming systems, cages, shellfish farming, freshwater ponds, hatcheries and freshwater ornamental fish farming across an area of over 1,264 hectares,' the statement said. Pulau Pangkor also remains an important location in the national fisheries industry with its strategic advantage as a centre for high-quality anchovy production which is a benchmark for the industry.
Malay Mail
5 hours ago
- Malay Mail
PM's team delivers support to storm-hit Kuantan traders in Kampung Padang
KUALA LUMPUR, Aug 16 — Prime Minister Datuk Seri Anwar Ibrahim provided initial aid to eight traders from Kampung Padang in Kuantan, Pahang whose businesses were affected by the recent storm. The contribution was presented by Anwar's political secretary Datuk Ahmad Farhan Fauzi during his visit to the location and victims on Thursday. 'After receiving the report, I went there with my team to see for myself the damage and hear the traders' complaints firsthand. 'Alhamdulillah, with Prime Minister Datuk Seri Anwar Ibrahim's support, through the cooperation of the Implementation Coordination Unit, Prime Minister's Department, a certain amount of initial aid was able to be channelled, which is hoped to slightly alleviate the burden of losses suffered,' according to Ahmad Farhan in a Facebook post today. He hopes the contribution could help traders to rise again and restart their businesses. — Bernama
Malay Mail
5 hours ago
- Malay Mail
Low-sugar, gut-friendly: Malaysia's first prebiotic rice, ‘Beras Pahang' hits market at RM8 per kg
TEMERLOH, Aug 16 — Pahang has become the first state in Malaysia to produce prebiotic rice, marketed under the brand name Beras Pahang. Menteri Besar Datuk Seri Wan Rosdy Wan Ismail said the rice differs from other local varieties as it offers multiple benefits. 'Beras Pahang has its uniqueness. It is a prebiotic rice, low in sugar, and suitable for those with diabetes. 'It has already entered the market in limited quantities. For now, we are prioritising sales in Pahang before distribution in other states,' he told reporters after opening the Pahang Mini MAHA 2025 at Dataran Temerloh here today. Cultivated in the Ganchong paddy fields in Pekan, the rice is said to be tastier, more fragrant and softer, while its prebiotic content supports digestion and overall bowel health. At the event, Beras Pahang was offered at RM8 per kilogramme. Commenting on the inaugural Pahang Mini MAHA 2025, Wan Rosdy said it will be held at different locations each year following an overwhelming response, with over 80,000 visitors recorded today. Meanwhile, citing the Malaysian Agriculture Census interim report released by the Department of Statistics Malaysia, he said Pahang has proven its capability as the country's second-largest contributor to the agriculture sector, after Johor, with sales worth RM25.12 billion. Of that amount, he said 88 per cent came from the crop subsector, proving Pahang's fertile land and the hardworking spirit of its people. 'Palm oil contributed RM14.18 billion, while vegetable production in Cameron Highlands brought in RM3.6 billion, catering to both domestic and international markets. 'Musang King durian generated RM2.42 billion, strengthening its position as a global brand, while fresh milk output reached 9.05 million litres valued at RM47.25 million, making Pahang the country's top producer,' he said. He added that Pahang is driving the high-value livestock industry, such as wagyu cattle, which generates economic returns and places the state on the map as a producer of premium livestock in the country. — Bernama
