Ringgit Opens Higher Against US Dollar, Most Major Currencies

By Abdul Hamid A Rahman

KUALA LUMPUR, June 9 (Bernama) -- The ringgit opened higher against the US dollar and most major currencies today, tracking a slight pullback in the US Dollar Index (DXY) amid easing tensions in West Asia.

At 8 am, the local note appreciated to 4.0665/0780 against the greenback from Monday’s close of 4.0715/0760.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the DXY fell slightly to 99.98 points as Iran and Israel appeared to be moving towards easing strikes against each other, although such pledges remain fluid.

“Market sentiment is likely to stay cautious ahead of the US consumer price index (CPI) release tomorrow.

“In light of the ongoing war and its impact on fuel prices, amid the strong non-farm payrolls (NFP) outturn last week, the Federal Reserve is likely to maintain its restrictive monetary policy stance,” he told Bernama.

The ringgit traded mostly higher against a basket of major currencies. 

It appreciated against the British pound to 5.4219/4372 from 5.4249/4309 and gained against the Japanese yen to 2.5385/5459 from 2.5445/5475, but slid against the euro to 4.6879/7011 from 4.6867/6919 at yesterday’s close.

The local currency was also higher against regional peers.

It improved versus the Singapore dollar to 3.1548/1639 from 3.1577/1614, was up against the Thai baht at 12.3639/4049 from 12.3942/4128, strengthened against the Philippine peso to 6.59/6.61 from 6.60/6.61, and rose against the Indonesian rupiah to 223.5/224.3.2 versus 223.8/224.2 on Monday.

-- BERNAMA