Ringgit opens lower vs greenback
KUALA LUMPUR: The ringgit opened lower against the US dollar on Monday as the greenback strengthened amid renewed volatility from a challenging global economy outlook for the second half of 2025.
At 8.03 am, 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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Express
43 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
