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Ringgit opens weaker against US dollar amid global uncertainty | Scoop
The ringgit weakened to 4.3850/3995 against the US dollar at 8am today from last Friday’s close of 4.3800/3850. - Scoop file pic, November 11, 2024
News

Ringgit opens weaker against US dollar amid global uncertainty

Local note already oversold amid cautious market sentiment, says an economist

Bernama
Updated
9:14 AM MYT

 

KUALA LUMPUR — The ringgit traded easier against the US dollar at today’s opening with demand for the greenback improving on the back of global political and economic uncertainties, an economist said.

At 8 am, the ringgit weakened to 4.3850/3995 against the US dollar from last Friday’s close of 4.3800/3850.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said market sentiment remained cautious as traders continued to digest potential impact on the broader economy ahead of US President-elect Donald Trumps’ inauguration in January next year.

“There is also a sense of frustration over China’s economic stimulus measures announced last week, which fell short of details to boost domestic demand,” he told Bernama.

Mohd Afzanizam added that from a technical standpoint, the ringgit is already oversold, indicating that its downside risks are limited.

“However, as market sentiments remain cautious, the demand for the US dollar will continue to remain prevalent with the US Dollar Index (DXY) rising to 105.007,” he said.

Meanwhile, the ringgit was traded mixed against a basket of major currencies.

It rebounded vis-a-vis the British pound to 5.6628/6815 from 5.6943/7255 recorded last Friday, and inched up against the euro at 4.6977/7132 from 4.7347/7606.

It, however, dipped marginally versus the Japanese yen to 2.8675/8774 from 2.8637/8795.

The local note traded mostly easier versus ASEAN currencies.

It appreciated against the Thai baht to 12.7880/8411 from 12.8947/12.9767 previously but fell versus the Philippine peso to 7.52/7.55 from last Friday’s 7.47/7.51 and slipped against the Indonesian rupiah to 279.7/280.8 from 278.6/280.3 previously.

It also weakened vis-a-vis the Singapore dollar to 3.3022/3136 from 3.3207/3394 at Friday’s close. – November 11, 2024

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