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Malaysian Reserve
42 minutes ago
- Business
- Malaysian Reserve
Ringgit rises against US dollar in early trading
THE ringgit appreciated against the US dollar in early trade, tracking US dollar softness as markets price in uncertainty ahead of the Aug 1 tariff decision by the United States (US). At 8.01 am, the ringgit rose to 4.2230/2450 against the greenback, compared to Monday's close of 4.2320/2365 Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said he expects the ringgit to maintain its positive performance today. However, he pointed out that the uncertainties over the US tariff would continue to affect market sentiments. Mohd Afzanizam said signals from the US official were rather mixed and uncertain, with US Treasury Secretary Scott Bessent indicating that the Trump administration is more concerned with the quality of trade agreements than their timing. 'The back and forth statements on the tariff plans would mean the scope for negotiation is widely open,' he told Bernama. Mohd Afzanizam said the Malaysian economy performed reasonably well in the first half of 2025, and Bank Negara Malaysia's preemptive move to cut the Overnight Policy Rate, coupled with an expansionary fiscal policy, should help support Malaysia's gross domestic product growth in the second half. He added that while the outlook remains challenging, growth prospects for Malaysia are expected to stay fairly resilient. Meanwhile, SPI Asset Management managing partner Stephen Innes said the wider spread between the ringgit and the US dollar this morning reflected two key factors, one of which is heightened scrutiny on the Tokyo cash open following the weekend election and Monday's holiday, developments that could trigger moves in the yen if Japanese Government Bond (JGB) yields respond. 'The seasonal liquidity is thin across broader foreign exchange markets, amplifying any headline-driven swings,' he added. Innes said the ringgit is holding firm amid general US dollar weakness after Bessent called for a review of the US Federal Reserve, stoking fresh concerns about the US central bank's independence. At the opening, the ringgit was mostly traded easier against a basket of major currencies. It dipped against the Japanese yen to 2.8638/8789 from 2.8612/8644, declined versus the euro to 4.9371/9628 from 4.9277/9330. However, the ringgit was slightly higher against the British pound, rising to 5.6951/7248 from 5.6954/7015 at Monday's close. The local note trended mostly higher against most ASEAN currencies. It rose vis-à-vis the Singapore dollar to 3.2969/3146 from 3.2990/3028, and appreciated against the Indonesian rupiah to 258.7/260.1 from 259.2/259.6. The ringgit fell against the Thai baht to 13.0986/1750 from 13.0754/0954, and edged up versus the Philippine peso to 7.38/7.42 from 7.40/7.41. — BERNAMA
Daily Express
2 hours ago
- Business
- Daily Express
Ringgit rises against US dollar in early trading
Published on: Tuesday, July 22, 2025 Published on: Tue, Jul 22, 2025 By: Bernama Text Size: At 8.01 am, the ringgit rose to 4.2230/2450 against the greenback, compared to Monday's close of 4.2320/2365 Kuala Lumpur: The ringgit appreciated against the US dollar in early trade, tracking US dollar softness as markets price in uncertainty ahead of the Aug 1 tariff decision by the United States (US). At 8.01 am, the ringgit rose to 4.2230/2450 against the greenback, compared to Monday's close of 4.2320/2365 Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said he expects the ringgit to maintain its positive performance today. However, he pointed out that the uncertainties over the US tariff would continue to affect market sentiments. Mohd Afzanizam said signals from the US official were rather mixed and uncertain, with US Treasury Secretary Scott Bessent indicating that the Trump administration is more concerned with the quality of trade agreements than their timing. 'The back and forth statements on the tariff plans would mean the scope for negotiation is widely open,' he told Bernama. Mohd Afzanizam said the Malaysian economy performed reasonably well in the first half of 2025, and Bank Negara Malaysia's preemptive move to cut the Overnight Policy Rate, coupled with an expansionary fiscal policy, should help support Malaysia's gross domestic product growth in the second half. He added that while the outlook remains challenging, growth prospects for Malaysia are expected to stay fairly resilient. Meanwhile, SPI Asset Management managing partner Stephen Innes said the wider spread between the ringgit and the US dollar this morning reflected two key factors, one of which is heightened scrutiny on the Tokyo cash open following the weekend election and Monday's holiday, developments that could trigger moves in the yen if Japanese Government Bond (JGB) yields respond. 'The seasonal liquidity is thin across broader foreign exchange markets, amplifying any headline-driven swings,' he added. Innes said the ringgit is holding firm amid general US dollar weakness after Bessent called for a review of the US Federal Reserve, stoking fresh concerns about the US central bank's independence. At the opening, the ringgit was mostly traded easier against a basket of major currencies. It dipped against the Japanese yen to 2.8638/8789 from 2.8612/8644, declined versus the euro to 4.9371/9628 from 4.9277/9330. However, the ringgit was slightly higher against the British pound, rising to 5.6951/7248 from 5.6954/7015 at Monday's close. The local note trended mostly higher against most ASEAN currencies. It rose vis-à-vis the Singapore dollar to 3.2969/3146 from 3.2990/3028, and appreciated against the Indonesian rupiah to 258.7/260.1 from 259.2/259.6. The ringgit fell against the Thai baht to 13.0986/1750 from 13.0754/0954, and edged up versus the Philippine peso to 7.38/7.42 from 7.40/7.41. * 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
2 hours ago
- Business
- The Star
Ringgit rises against US$ in early trading
KUALA LUMPUR: The ringgit appreciated against the US dollar in early trade, tracking US dollar softness as markets price in uncertainty ahead of the Aug 1 tariff decision by the United States (US). At 8.01 am, the ringgit rose to 4.2230/2450 against the greenback, compared to Monday's close of 4.2320/2365 Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said he expects the ringgit to maintain its positive performance today. However, he pointed out that the uncertainties over the US tariff would continue to affect market sentiments. Mohd Afzanizam said signals from the US official were rather mixed and uncertain, with US Treasury Secretary Scott Bessent indicating that the Trump administration is more concerned with the quality of trade agreements than their timing. "The back and forth statements on the tariff plans would mean the scope for negotiation is widely open,' he told Bernama. Mohd Afzanizam said the Malaysian economy performed reasonably well in the first half of 2025, and Bank Negara Malaysia's preemptive move to cut the Overnight Policy Rate, coupled with an expansionary fiscal policy, should help support Malaysia's gross domestic product growth in the second half. He added that while the outlook remains challenging, growth prospects for Malaysia are expected to stay fairly resilient. Meanwhile, SPI Asset Management managing partner Stephen Innes said the wider spread between the ringgit and the US dollar this morning reflected two key factors, one of which is heightened scrutiny on the Tokyo cash open following the weekend election and Monday's holiday, developments that could trigger moves in the yen if Japanese Government Bond (JGB) yields respond. "The seasonal liquidity is thin across broader foreign exchange markets, amplifying any headline-driven swings,' he added. Innes said the ringgit is holding firm amid general US dollar weakness after Bessent called for a review of the US Federal Reserve, stoking fresh concerns about the US central bank's independence. At the opening, the ringgit was mostly traded easier against a basket of major currencies. It dipped against the Japanese yen to 2.8638/8789 from 2.8612/8644, declined versus the euro to 4.9371/9628 from 4.9277/9330. However, the ringgit was slightly higher against the British pound, rising to 5.6951/7248 from 5.6954/7015 at Monday's close. The local note trended mostly higher against most ASEAN currencies. It rose vis-à-vis the Singapore dollar to 3.2969/3146 from 3.2990/3028, and appreciated against the Indonesian rupiah to 258.7/260.1 from 259.2/259.6. The ringgit fell against the Thai baht to 13.0986/1750 from 13.0754/0954, and edged up versus the Philippine peso to 7.38/7.42 from 7.40/7.41. - Bernama
The Sun
2 hours ago
- Business
- The Sun
Ringgit rises against US dollar in early trading
KUALA LUMPUR: The ringgit appreciated against the US dollar in early trade, tracking US dollar softness as markets price in uncertainty ahead of the Aug 1 tariff decision by the United States (US). At 8.01 am, the ringgit rose to 4.2230/2450 against the greenback, compared to Monday's close of 4.2320/2365 Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said he expects the ringgit to maintain its positive performance today. However, he pointed out that the uncertainties over the US tariff would continue to affect market sentiments. Mohd Afzanizam said signals from the US official were rather mixed and uncertain, with US Treasury Secretary Scott Bessent indicating that the Trump administration is more concerned with the quality of trade agreements than their timing. 'The back and forth statements on the tariff plans would mean the scope for negotiation is widely open,' he told Bernama. Mohd Afzanizam said the Malaysian economy performed reasonably well in the first half of 2025, and Bank Negara Malaysia's preemptive move to cut the Overnight Policy Rate, coupled with an expansionary fiscal policy, should help support Malaysia's gross domestic product growth in the second half. He added that while the outlook remains challenging, growth prospects for Malaysia are expected to stay fairly resilient. Meanwhile, SPI Asset Management managing partner Stephen Innes said the wider spread between the ringgit and the US dollar this morning reflected two key factors, one of which is heightened scrutiny on the Tokyo cash open following the weekend election and Monday's holiday, developments that could trigger moves in the yen if Japanese Government Bond (JGB) yields respond. 'The seasonal liquidity is thin across broader foreign exchange markets, amplifying any headline-driven swings,' he added. Innes said the ringgit is holding firm amid general US dollar weakness after Bessent called for a review of the US Federal Reserve, stoking fresh concerns about the US central bank's independence. At the opening, the ringgit was mostly traded easier against a basket of major currencies. It dipped against the Japanese yen to 2.8638/8789 from 2.8612/8644, declined versus the euro to 4.9371/9628 from 4.9277/9330. However, the ringgit was slightly higher against the British pound, rising to 5.6951/7248 from 5.6954/7015 at Monday's close. The local note trended mostly higher against most ASEAN currencies. It rose vis-à-vis the Singapore dollar to 3.2969/3146 from 3.2990/3028, and appreciated against the Indonesian rupiah to 258.7/260.1 from 259.2/259.6. The ringgit fell against the Thai baht to 13.0986/1750 from 13.0754/0954, and edged up versus the Philippine peso to 7.38/7.42 from 7.40/7.41. - Bernama
New Straits Times
19 hours ago
- Business
- New Straits Times
Status quo of low OPR until June 2026: Expert
KUALA LUMPUR: The current low interest rate environment, following Bank Negara Malaysia's move to cut the Overnight Policy Rate (OPR) by 25 basis points, may remain at least until the first half of next year, an expert said. CIMB Bank Bhd chief investment office Ng Boon Hoa said Bank Negara appears to be taking a cautious approach in supporting the nation's economic growth. This is particularly in light of the risks from a potential global slowdown and the uncertainty surrounding Malaysia's yet-to-be-finalised tariff negotiations, he added. "We expect Bank Negara to maintain the current interest rate at 2.75 per cent at least until mid-2026. "It is rather difficult to make precise projections for 2027 and beyond, as external factors are constantly changing," he said during the presentation of CIMB's Asean Market Outlook in conjunction with the bank's Asean media day here today. According to Ng, the recent rate cut was a preemptive measure to absorb near-term uncertainties in economic growth. "If the current rate successfully spurs growth, Bank Negara is likely to remain comfortable with this level. Rate hikes would only be considered if there is significant strengthening in growth, possibly in 2027 or 2028, and even then, likely only once or twice," he said. Commenting on foreign fund flows, Ng said the domestic bond market is currently benefiting from these inflows, which in turn enhances liquidity in the financial system and supports lower borrowing costs. However, he cautioned that excessive inflows could risk contributing to inflationary pressures over the longer term and would require close monitoring by the monetary authorities. "Foreign funds can flow in and out quickly. We need to be cautious. The ringgit has shown some strengthening thanks to these inflows, but currency movements can change abruptly," he said. He pointed to the one per cent depreciation of the ringgit against the US dollar over the 20-day period since the end of June as an example of the uncertainties facing the local market.
