Ringgit rallies on weaker US economic data
KUALA LUMPUR: The ringgit extended its gains against the US dollar at Friday's open, buoyed by continued weakness in US economic data, an analyst said.
At 8am, the local unit strengthened to 4.2095/2270 against the greenback, from Thursday's close of 4.2155/2245.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) fell 0.72 per cent to 97.0921, its lowest since March 2022, as data indicated a cooling labour market and moderating inflation trajectory.
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The Star
10 hours ago
- The Star
Ringgit ends lower as geopolitical tensions boost US dollar
KUALA LUMPUR: The ringgit slipped against the US dollar on the final trading day of the week, reversing earlier gains as rising geopolitical concerns drove safe-haven demand for the greenback. At 6 pm, the local currency weakened to 4.2435/2480 from Thursday's close of 4.2155/2245. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the ringgit was initially stronger against the greenback at RM4.2173 early in the morning session, but it gradually depreciated to RM4.2460 in the afternoon. "Israel's strikes on Iran's nuclear facilities resulted in a sharp rise in Brent crude prices to a high of US$78.22 per barrel before prices retreated towards US$73.56 per barrel. Meanwhile, the US Dollar Index (DXY) gained 0.31 per cent to 98.228 points. "Hence, geopolitics has taken centre stage today, and it has benefited the US dollar at the moment,' he told Bernama. At the close, the ringgit traded lower against a basket of major currencies. It fell versus the Japanese yen to 2.9448/9482 from 2.9329/9394 at yesterday's close, weakened against the British pound to 5.7482/7543 from 5.7213/7335 previously, and decreased vis-à-vis the euro to 4.8906/8958 from 4.8765/8869. The ringgit traded mostly lower versus its ASEAN counterparts, except for the Philippine peso, against which it remained flat at 7.55/7.56 compared with 7.55/7.57 yesterday. It eased against the Singapore dollar to 3.3077/3118 from 3.2934/3006 at Thursday's close, dropped versus the Thai baht to 13.0807/1018 from 12.9828/13.0173 previously, and retreated vis-a-vis the Indonesian rupiah to 260.2/260.6 from 259.5/260.2. - Bernama
Daily Express
17 hours ago
- Daily Express
Ringgit rallies against greenback on weak US data
Published on: Friday, June 13, 2025 Published on: Fri, Jun 13, 2025 By: Bernama Text Size: At 8 am, the local unit strengthened to 4.2095/2270 against the greenback, from Thursday's close of 4.2155/2245. Kuala Lumpur: The ringgit extended its gains against the US dollar at Friday's open, buoyed by continued weakness in US economic data, an analyst said. At 8 am, the local unit strengthened to 4.2095/2270 against the greenback, from Thursday's close of 4.2155/2245. Advertisement Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) fell 0.72 per cent to 97.0921, its lowest since March 2022, as data indicated a cooling labour market and moderating inflation trajectory. He noted the core Producer Price Index (PPI) for May rose 3.0 per cent year-on-year, below the consensus estimate of 3.1 per cent. Initial jobless claims also rose to 248,000 last week, higher than the forecast of 242,000. 'Such data are seen as critical in shaping the US Federal Reserve's (Fed) stance ahead of the Federal Open Market Committee (FOMC) meeting on June 17 and 18,' he told Bernama. Mohd Afzanizam said while the Fed is expected to keep the Federal Funds Rate unchanged at 4.50 per cent, market participants will be watching the central bank's quarterly economic projections closely. 'In March, Fed officials projected the policy rate at 3.9 per cent for 2025, which implies two rate cuts this year. 'On that note, we believe emerging market currencies, including the ringgit, are poised to appreciate,' he said. At the same time, the ringgit traded mostly lower against a basket of major currencies. It rose against the euro to 4.8860/9063 from Thursday's close of 4.8765/8869, but weakened vis-à-vis the Japanese yen to 2.9412/9539 from 2.9329/9394, and slipped against the British pound to 5.7363/7601 from 5.7213/7335. Against ASEAN currencies, the ringgit was mixed. It edged up against the Philippine peso to 7.54/7.58 from 7.55/7.57 and gained slightly versus the Indonesian rupiah to 259.1/260.3 from 259.5/260.2. However, it eased against the Singapore dollar to 3.2936/3078 from 3.2934/3006, and declined against the Thai baht to 13.0124/0754 from 12.9828/13.0173. * 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 Sun
20 hours ago
- The Sun
Ringgit rallies against greenback on weak US data
KUALA LUMPUR: The ringgit extended its gains against the US dollar at Friday's open, buoyed by continued weakness in US economic data, an analyst said. At 8 am, the local unit strengthened to 4.2095/2270 against the greenback, from Thursday's close of 4.2155/2245. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) fell 0.72 per cent to 97.0921, its lowest since March 2022, as data indicated a cooling labour market and moderating inflation trajectory. He noted the core Producer Price Index (PPI) for May rose 3.0 per cent year-on-year, below the consensus estimate of 3.1 per cent. Initial jobless claims also rose to 248,000 last week, higher than the forecast of 242,000. 'Such data are seen as critical in shaping the US Federal Reserve's (Fed) stance ahead of the Federal Open Market Committee (FOMC) meeting on June 17 and 18,' he told Bernama. Mohd Afzanizam said while the Fed is expected to keep the Federal Funds Rate unchanged at 4.50 per cent, market participants will be watching the central bank's quarterly economic projections closely. 'In March, Fed officials projected the policy rate at 3.9 per cent for 2025, which implies two rate cuts this year. 'On that note, we believe emerging market currencies, including the ringgit, are poised to appreciate,' he said. At the same time, the ringgit traded mostly lower against a basket of major currencies. It rose against the euro to 4.8860/9063 from Thursday's close of 4.8765/8869, but weakened vis-à-vis the Japanese yen to 2.9412/9539 from 2.9329/9394, and slipped against the British pound to 5.7363/7601 from 5.7213/7335. Against ASEAN currencies, the ringgit was mixed. It edged up against the Philippine peso to 7.54/7.58 from 7.55/7.57 and gained slightly versus the Indonesian rupiah to 259.1/260.3 from 259.5/260.2. However, it eased against the Singapore dollar to 3.2936/3078 from 3.2934/3006, and declined against the Thai baht to 13.0124/0754 from 12.9828/13.0173.
