Latest news with #DurratulAinAhmadFuad
Barnama
27-05-2025
- Business
- Barnama
Ringgit Ends Higher Against Greenback Amid Continued Concerns Over US Fiscal Policy
By Durratul Ain Ahmad Fuad KUALA LUMPUR, May 23 (Bernama) -- The ringgit closed higher against the US dollar and other major and regional currencies on Friday as the greenback remained weak amid continued concerns over US fiscal policy. At 6 pm, the local note jumped to 4.2285/2345 versus the US dollar from yesterday's close of 4.2705/2765. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US House of Representatives' approval for a sweeping tax and spending bill has added to worries over the credit outlook of the United States. 'This corresponds with the recent sovereign rating downgrade by Moody's Ratings,' he told Bernama. The ringgit traded higher against a basket of major currencies at the close. It appreciated against the British pound to 5.7072/7153 from 5.7212/7292 yesterday, gained vis-à-vis the euro to 4.7985/8053 from 4.8218/8286, and went up versus the Japanese yen to 2.9502/9546 from 2.9768/9812. The local note also traded higher against its ASEAN peers. It improved against the Singapore dollar to 3.2891/2940 from 3.3061/3110 yesterday, strengthened against the Thai baht to 12.9744/13.0012 from 13.0000/0254, and advanced vis-à-vis the Philippine peso to 7.65/7.66 from 7.68/7.69. The ringgit increased against the Indonesian rupiah to 260.7/261.1 from 261.5/262.0.
Barnama
21-05-2025
- Business
- Barnama
Ringgit Ends Higher Against Greenback On Concerns Over US Fiscal Health
By Durratul Ain Ahmad Fuad KUALA LUMPUR, May 21 (Bernama) -- The ringgit ended higher on Wednesday as concerns over the fiscal health of the United States continued to weigh on the greenback. At 6 pm, the local note rose to 4.2685/2735 versus the US dollar from yesterday's close of 4.2950/3010. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the recent sovereign downgrade by Moody's Ratings on the credit rating of the United States has weighed on the US dollar. 'Other emerging market currencies are also gaining against the greenback. It remains to be seen whether such a trend can be maintained,' he told Bernama. SPI Asset Management managing partner Stephen Innes said the ringgit today tracked a broadly weaker US dollar as capital rotation into Asia gained traction and speculation swirled ahead of the G7 summit in Canada. 'Market chatter suggests Washington may be preparing to float a currency clause as part of tariff rollback negotiations with Tokyo and Beijing - effectively nudging both the yen and yuan higher in exchange for trade de-escalation. If that narrative holds, it sets the stage for a softer dollar glide path, a backdrop that plays well for the ringgit,' he said. The ringgit also firmed as exporters and institutional investors appeared to hedge against the rising US fiscal risk. 'With the debt ceiling drama and budget gridlock once again paralysing the US Congress, there's a growing sense that the greenback may face more structural downside pressure in the second half of the year,' he added. Innes noted that traders are flagging signs of repatriation activity, with Malaysian corporates and real-money accounts trimming US asset exposure and rotating into local currency holdings, aligning with broader flows seen across Asia, where soft-dollar tailwinds are helping regional foreign exchanges (FX) outperform, even in the absence of strong local catalysts.
Barnama
20-05-2025
- Business
- Barnama
Ringgit Closes Lower Against Greenback Despite Weaker US Dollar Index
By Durratul Ain Ahmad Fuad KUALA LUMPUR, May 20 (Bernama) -- The ringgit retreated against the greenback on Tuesday despite the weaker US dollar index (DXY) and lower US Treasury yields after the recent downgrade of the credit rating of the United States by Moody's Ratings. At 6 pm, the local note eased to 4.2950/3010 versus the greenback from yesterday's close of 4.2870/2945. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the ringgit had climbed to RM4.2873 in the afternoon session from the previous day's close of RM4.2908 before ending lower. 'The gains were likely capped as some traders took profit,' he told Bernama. He noted that the Reserve Bank of Australia (RBA) decided to cut the cash rate by 25 basis points to 3.85 per cent today after it was last reduced in February due to greater uncertainties in the global economic outlook following the tariff shocks of the United States. 'Consequently, the Aussie dollar was weaker against the US dollar by 0.51 per cent to US$0.6424 per Australian dollar. The RBA decision reflects uncertainties surrounding the tariff shocks, which will continue to affect monetary policy decisions across the globe,' he said. Mohd Afzanizam said today's data on Malaysia's exports surprised on the upside when it grew by 16.4 per cent, surpassing the consensus estimates of 7.5 per cent. 'While it remains to be seen whether such a trajectory can be maintained in the months to come, the Malaysian economy in the second quarter should be able to grow more than four per cent,' he said. At the close, the ringgit traded mostly lower against a basket of major currencies.
Barnama
14-05-2025
- Business
- Barnama
Urban Renewal Act Offers Significant Benefits, Overhang Remains A Concern -- Propertyguru Malaysia
REGION - CENTRAL > NEWS By Durratul Ain Ahmad Fuad and Nur Atiq Maisarah Suhaimi KUALA LUMPUR, May 14 (Bernama) -- The Urban Renewal Act, expected to be tabled in Parliament this July, could bring significant benefits such as preserving heritage, revitalising communities and generating economic impact, said PropertyGuru Malaysia country manager Kenneth Soh. bootstrap slideshow He said the Act must be implemented thoughtfully and tailored within local contexts, with deep consideration for existing communities, cultural heritage, and livelihoods. "It has to be a very hyper-localised approach depending on the area in question. The government is rightly consulting with all parties, trying to understand the nuances; that's commendable. 'We'll see how that develops. The effort of understanding all the stakeholders involved is necessary," he told reporters after a media briefing here today. He also noted that international examples have shown how urban renewal, when conducted fairly, can yield meaningful benefits for local communities. "We've seen some private initiatives in Malaysia that focus on preserving the heritage of certain areas. For example, small-scale redevelopment projects in Petaling Street have successfully retained the historical essence of the location while repurposing old buildings for new uses and integrating sustainable features. 'These efforts have transformed the area into a lively spot, frequented by young people and tourists alike,' he said.
Barnama
28-04-2025
- Business
- Barnama
FBM KLCI Futures Set For Recovery Next Week
By Durratul Ain Ahmad Fuad KUALA LUMPUR, April 26 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives is expected to show signs of recovery next week as investors' confidence improves amid the easing US-China trade tensions. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng is positive about the de-escalating trade tensions between the United States (US) and China, as this is expected to reduce market volatility and restore investors' confidence. 'Looking ahead to next week, we believe investors are ready to buy the breakout at around 1,518, add to their positions, or use leveraged tools to maximise profits as the benchmark index is showing signs of recovery after reclaiming the 20-day exponential moving average (EMA),' he told Bernama. On a Friday-to-Friday basis, April 2025 rose 12 points to 1,509, May 2025 added 12.5 points to 1,507, June 2025 gained 14.5 points to 1,504, and September 2025 increased 16.5 points to 1,491.5. Weekly turnover jumped to 83,481 lots from 38,435 lots previously, while open interest improved to 69,580 contracts from 43,793 contracts. The cash market's benchmark index advanced 9.80 points to 1,509.20 from 1,499.40 a week earlier. -- BERNAMA
