Latest news with #AfzanizamRashid
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
Ringgit closes higher amid Japan's political uncertainty
KUALA LUMPUR : The ringgit extended its gains against the US dollar at today's close, as the greenback struggled to appreciate amid political uncertainties in Japan, said an analyst. 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.
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Ringgit strengthens on expectations of US Fed rate cut
KUALA LUMPUR : The ringgit opened firmer against the US dollar on Friday as traders shied away from the greenback amid growing anticipation of an interest rate cut by the US Federal Reserve, said an analyst. At 8am, the ringgit rose to 4.2340/4.2580 against the greenback, compared to Thursday's close of 4.2465/4.2510. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said Fed governor Christopher Waller suggested the central bank cut interest rates this month, and that it should not wait for the labour market to deteriorate before doing so. Afzanizam added that investors remain cautious amid concerns whether countries can secure concessions before the new US tariffs take effect on Aug 1. 'Issues surrounding the US tariff remain high on the agenda,' he noted. On the domestic front, he said all eyes are on the advance estimate of Malaysia's second quarter 2025 gross domestic product (GDP) scheduled to be announced today. 'We forecast the economy will grow by 4.5%, as front-loading activities are expected to support Malaysia's external demand, while a resilient labour market and ongoing investment activities will continue to drive domestic demand,' he added. On that note, he said the ringgit is likely to trade within the RM4.24 to RM4.25 range against the US dollar today. At the opening, the ringgit was traded higher against a basket of major currencies. It rose against the Japanese yen to 2.8523/2.8687 from 2.8548/2.8580, strengthened against the British pound to 5.6867/5.7189 from 5.6886/5.6946 and advanced versus the euro to 4.9178/4.9457 from 4.9217/4.9269 at yesterday's close. The local note also trended higher against most Asean currencies. It rose vis-a-vis the Singapore dollar to 3.2939/3.3131 from 3.3013/3.3051, gained against the Thai baht to 13.0385/13.1201 from 13.0521/13.0720, appreciated against the Indonesian rupiah to 259.1/260.6 from 259.8/260.2 and edged up versus the Philippine peso to 7.39/7.44 from 7.41/7.43 previously.
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Ringgit extends gain against US dollar in opening trade
KUALA LUMPUR : The ringgit continued to strengthen against the US dollar at the opening session on Monday, continuing from last Friday, as the Malaysian economy was projected to grow higher in the second quarter, signalling that the country's economy remains resilient. Malaysia's economy was forecast to grow by 4.5% in the second quarter based on advance gross domestic product (GDP) estimates last Friday, slightly outpacing the previous quarter's 4.4%. At 8am, the ringgit rose to 4.2330/4.2540 against the greenback, compared to Friday's close of 4.2410/4.2455. However, Bank Muamalat Malaysia Bhd chief economist Afzanizam 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 noted. At the opening, the ringgit was traded mostly higher against a basket of major currencies. It dipped against the Japanese yen to 2.8518/2.8662 from 2.8517/2.8549, strengthened against the British pound to 5.6790/5.7072 from 5.6999/5.7060 and advanced versus the euro to 4.9230/4.9474 from 4.9336/4.9388 at Friday's close. The local note also trended higher against most Asean currencies. It rose vis-à-vis the Singapore dollar to 3.2944/3.3110 from 3.3027/3.3065, gained against the Thai baht to 13.0608/13.1337 from 13.3027/13.3065, 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.
Free Malaysia Today
5 days ago
- Business
- Free Malaysia Today
Ringgit slips against dollar as US rate cut hopes fade
KUALA LUMPUR : The ringgit opened lower against the US dollar today as the greenback strengthened on waning hopes of an interest rate cut this month by the US. At 8am, the ringgit dipped to 4.2480/4.2575 against the greenback, compared to Tuesday's close of 4.2395/4.2440. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US June Consumer Price Index (CPI) report released on Tuesday suggests that the inflation rate there is climbing, dashing hopes for an interest rate cut at the upcoming US Federal Open Market Committee (FOMC) meeting at the end of July. 'The US CPI came in at 2.7% higher year-on-year in June from 2.4% in the preceding month and similarly, the core CPI rose 2.9% during June after sustaining 2.8% increases for three consecutive months,' he added. Afzanizam also noted that China's second quarter gross domestic product (GDP) moderated to 5.2% from 5.4% in the first quarter, resulting in the Chinese yuan weakening against the greenback by 0.15% to 7.1825 yuan. 'In light of the latest US CPI and China's GDP, the ringgit could experience some knee jerk reaction with the US dollar-ringgit pair at around RM4.24-RM4.26 today,' he added. At the open, the ringgit was traded higher against a basket of major currencies. It improved against the Japanese yen to 2.8552/2.8618 from 2.8702/2.8734 yesterday, strengthened against the British pound to 5.6893/5.7021 from 5.7047/5.7107, and gained versus the euro to 4.9311/4.9421 from 4.9539/4.9591. The local note trended mixed against Asean currencies. The ringgit trended firmer vis-à-vis the Singapore dollar at 3.3066/3.3145 from 3.3095/3.3133, and edged up against the Thai baht to 13.0355/13.0783 from 13.0784/13.0988. But it slipped against the Indonesian rupiah to 261.1/261.8 from 260.6/261.0 and dropped against the Philippine peso at 7.49/7.51 from 7.47/7.49 from Tuesday's close.
Free Malaysia Today
5 days ago
- Business
- Free Malaysia Today
Ringgit rebounds on softer US stance towards China
KUALA LUMPUR : The ringgit rebounded this morning, opening higher against the US dollar amid reports of a softer stance by US President Donald Trump towards China. At 8am, the ringgit rose to 4.2335/4.2550 against the greenback, compared to Wednesday's close of 4.2400/4.2490. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US Dollar Index (DXY) fell 0.23% to 98.392 points as Trump reportedly adopted a less hawkish stance towards China, despite the ballooning trade deficit with the world's second-largest economy. 'At the same time, news is circulating on the possible termination of Federal Reserve chairman Jerome Powell by President Trump, which also seems to fuel positive sentiment in the market,' he added. As such, Afzanizam said the ringgit could gain some traction today after weakening slightly by 0.07% to 4.2445 yesterday. At the opening, the ringgit was traded lower against a basket of major currencies, except for the British pound. It strengthened against the British pound to 5.6767/5.7055 from 5.6786/5.6907 at yesterday's close. However, it slipped against the Japanese yen to 2.8603/2.8750 from 2.8508/2.8569, and fell versus the euro to 4.9257/4.9507 from 4.9248/4.9352 previously. The local note was mostly higher against most Asean currencies. It rose vis-a-vis the Singapore dollar to 3.2987/3.3159 from 3.2999/3.3071, appreciated against the Indonesian rupiah to 259.9/261.3 from 260.3/260.9 and edged up versus the Philippine peso to 7.41/7.46 from 7.43/7.45. But it fell against the Thai baht to 13.0322/13.1076 from 13.0301/13.0630 at Wednesday's close.
