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Ringgit, KLCI open slightly higher amid soft US market | Scoop
The ringgit has traded higher against Asean currencies at the opening today. – Alif Omar/Scoop file pic, May 28, 2024
News

Ringgit, KLCI open slightly higher amid soft US market

Local note rises to 4.6900/6950 against dollar as American markets close for Memorial Day

Scoop Reporters
Updated
9:55 AM MYT

 

KUALA LUMPUR – The ringgit opens higher today, bolstered by a softer greenback as markets in the United States were closed on Monday for Memorial Day, said an analyst.

At 9am, the ringgit strengthened to 4.6900/6950 against the US dollar, up from yesterday’s close of 4.6940/6990.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid told Bernama that in the absence of major economic data, the ringgit was likely to remain cautious.

He said market sentiment would start to be influenced by the US market as the US Federal Reserve’s inflation gauge and the personal consumption expenditures price index were released.

The local unit appreciated against the Japanese yen to 2.9888/9924 from yesterday’s 2.9919/9953, and edged up against the euro to 5.0952/1006 from 5.1005/1059.

However, it marginally eased against the British pound to 5.9891/9955 from 5.9881/9945 yesterday. The local currency also traded higher against its Asean peers.

The ringgit strengthened against the Singapore dollar to 3.4769/4809 from 3.4799/4838 at yesterday’s close and firmed up against the Thai baht to 12.8100/8282 from 12.8132/8321.

The local note rose against the Indonesian rupiah to 291.7/292.3 from 292.0/292.5 yesterday and slightly improved against the Philippine peso to 8.07/8.09 from 8.08/8.09.

The US dollar had weakened in late trading on Monday as the dollar index, which measures the greenback against six major currencies, lost 0.12% to 104.595 at 3pm (3am Malaysian time).

It dropped against the euro, British pound, Japanese yen, Swiss franc, Canadian dollar and Swedish krona.

Meanwhile, Bursa Malaysia recouped earlier losses to open slightly higher today following profit-taking yesterday.

At 9.05am, the FTSE Bursa Malaysia KLCI rose 3.16 points to 1,621.43 from yesterday’s close of 1,618.27.

The benchmark index opened 2.38 points higher at 1,620.65.

On the broader market, gainers outnumbered losers 234 to 203, with 299 counters unchanged, 1,688 untraded and 67 suspended.

Turnover was 229.10 million shares worth RM126.64 million. – May 28, 2024

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