LATEST NEWS   ASEAN welcomes the progress on the Code of Conduct in the South China Sea, hopes to conclude in near future - FM Mohamad | The signing of ASEAN-China FTA 3.0 later this year will fortify the region's economic cooperation, resilience – FM Mohamad | ASEAN calls on all parties to manage the situation in the South China Sea with wisdom and prudence - FM Mohamad | ASEAN’s dialogue relations with China are among the bloc’s most substantive and dynamic partnerships – FM Mohamad | Russian Foreign Minister Sergey Lavrov arrives in Malaysia for high-level talks in conjunction with 58th ASEAN Foreign Ministers' Meeting | 

Ringgit Opens Higher, Traders Eye Key RM4.36 Support

By Harizah Hanim Mohamed

KUALA LUMPUR, April 22 (Bernama) -- The ringgit extended its gains against the US dollar at the opening on Tuesday, with the local note poised to test its immediate support level at RM4.36.

At 8 am, the local currency strengthened to 4.3550/3840 against the greenback, from Monday’s close of 4.3670/3735.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said financial markets appeared to be growing more agitated amid President Trump’s persistent moves to undermine the US Federal Reserve’s independence in conducting monetary policy.

“US equities took a plunge again as the US President continued his assault on the Fed Chair, claiming there is no inflation and that therefore the Fed Funds Rate should be lowered. The 10-year US Treasury yield rose by about nine basis points to 4.41 per cent, while the two-year note yielded lower by three basis points to 3.76 per cent,” he told Bernama.

Mohd Afzanizam noted that the US Dollar Index (DXY) fell by close to one per cent to reach 98.278 points.

“While there could be views that the Fed is always late in the game, there should not be any attempt to compromise its independent judgement. This is an extraordinary situation which exacerbates the already gloomy outlook due to the tariff measures,” he added.

Meanwhile, the ringgit strengthened against a basket of major currencies.

It rose against the Japanese yen to 3.0913/1121 from 3.1046/1095 at Monday’s close, improved against the euro to 5.0139/0473 from 5.0408/0483, and advanced against the British pound to 5.8266/8654 compared with 5.8513/8601.

The local note also performed mostly higher against ASEAN currencies.

It firmed against the Singapore dollar to 3.3372/3599 from 3.3515/3570, gained against the Philippine peso to 7.69/7.74 from 7.71/7.73, and rose against the Thai baht to 13.1187/2184 from 13.1914/2170.

However, the ringgit was nearly flat against the Indonesian rupiah at 259.1/260.9, compared with 259.8/260.3 previously.

-- BERNAMA