Ringgit extends gain vs US$ in opening trade
Malaysia's economy was forecast to grow by 4.5 per cent in the second quarter based on advance gross domestic product (GDP) estimates last Friday, slightly outpacing the previous quarter's 4.4 per cent.
At 8 am, the ringgit rose to 4.2330/2540 against the greenback, compared to Friday's close of 4.2410/2455.
However, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid sees the ringgit remaining in a narrow range as concerns over US tariffs continue to affect market sentiment as the Aug 1 deadline looms. "As such, expect ringgit to range between RM4.24 and RM4.25 today as traders remain fairly cautious," he told Bernama.
At the opening, the ringgit was traded mostly higher against a basket of major currencies.
It dipped against the Japanese yen to 2.8518/8662 from 2.8517/8549, strengthened against the British pound to 5.6790/7072 from 5.6999/7060 and advanced versus the euro to 4.9230/9474 from 4.9336/9388 at Friday's close.
The local note also trended higher against most ASEAN currencies.
It rose vis-à-vis the Singapore dollar to 3.2944/3110 from 3.3027/3065, gained against the Thai baht to 13.0608/1337 from 13.3027/3065, appreciated against the Indonesian rupiah to 259.7/261.1 from 260.2/260.6 and edged up versus the Philippine peso to 7.40/7.44 from 7.41/7.43. previously. - Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
2 hours ago
- Barnama
Kuching-Pontianak Direct Route Provides Flexibility, Convenience For Travellers
KUCHING, July 26 (Bernama) -- Sarawak Transport Minister Datuk Seri Lee Kim Shin said the Kuching-Pontianak route, scheduled to commence on Sept 12 and operate twice daily, would provide greater flexibility and convenience for travellers from both sides of the border. In a statement today, he said the opening of these air routes was not just a milestone in aviation, but also a testament to the strong historical, cultural, and familial ties shared by the people. 'It will boost tourism, trade, education and social linkages, especially among border communities,' he said. According to him, the Sarawak government appreciated the Indonesian government's move to reopen Supadio Airport in Pontianak for international flights, which is a strategic air route connecting Kuching and Pontianak, the capital of West Kalimantan. He said he was formally invited to attend the launch, but was unable to be present due to prior official commitments, and delivered a pre-recorded video message to show his full support. 'I wish to first extend my sincere apologies for not being able to attend today's very special event. 'Nonetheless, I am truly delighted and would like to extend my heartfelt congratulations to the Sarawak Tourism Board for the successful organisation of the Sarawak Travel Fair in Pontianak,' he said in the message. Air Asia Malaysia announced the launch of the two new direct routes connecting Kuala Lumpur and Kuching to Pontianak, to become the only airline operating international flights to the West Kalimantan capital city. In a statement today, the airline said the new routes were unveiled during the Sarawak Travel Fair, organised by the Sarawak Tourism Board in Pontianak, and officially launched by West Kalimantan Governor Ria Norsan.
Barnama
4 hours ago
- Barnama
KPDN Proposes Broader Access To Essential Items For SARA Aid Recipients
RANAU, July 26 (Bernama) -- The Ministry of Domestic Trade and Cost of Living (KPDN) will collaborate with the Ministry of Finance (MOF) to expand access to essential items for recipients of the Sumbangan Asas Rahmah (SARA) aid. Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali said KPDN had proposed that recipients be allowed to use their SARA aid at mobile Jualan Rahmah MADANI Programme (PJRM) locations, in addition to existing participating retailers. He said, at present, recipients of the Sumbangan Asas Rahmah (SARA) aid could only purchase basic items at 4,152 participating supermarkets and retail outlets across the country, including 470 in Sabah. 'This initiative enables SARA recipients, particularly in rural and interior areas, to use the aid credited to their MyKad to make purchases at mobile PJRM locations,' he told reporters after launching the Sabah Zone KPDN Carnival 2025 here tonight. Armizan said the additional RM300 million allocation for PJRM would enable KPDN to increase its frequency nationwide, with a target of 20,000 series throughout this year. 'For Sabah, KPDN is targeting 2,276 PJRM series throughout this year, and as of July 26, a total of 1,089 have already been implemented. We will adopt several approaches to ensure the target is achieved by year-end,' he said. He said the approaches included increasing the range of items offered and enhancing cooperation with strategic retail partners. 'Through these improvements, the people will have more choices. The ministry can no longer act alone as it did in the past. For example, today's PJRM is carried out in collaboration with retail partners,' he explained. Commenting on today's programme, this was the second year KPDN had implemented the programme, adding that six carnival tours would be held across the country this year.
Barnama
4 hours ago
- Barnama
NVIDIA-YTL Power Deal To Boost Malaysia As ASEAN AI Hub
KUALA LUMPUR, July 26 (Bernama) -- Malaysia is poised to emerge as a regional hub and centre of excellence for artificial intelligence (AI) in ASEAN following the signing of a strategic partnership between NVIDIA Corporation and YTL Power International Bhd. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the agreement aims to develop AI infrastructure powered by green energy in Malaysia, backed by an investment worth RM10 billion. 'This landmark project includes the development of AI data centres, deployment of NVIDIA's high-performance graphics processing units (GPUs), and most importantly, the creation of Malaysia's own sovereign large language model (LLM),' he said in a post on social media platform X today.
