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Ringgit opens higher despite stronger US dollar on Trump’s return to presidency | Scoop
Donald Trump's return to the US presidency has driven increased demand for the US dollar and equities, but the ringgit still managed to open firmly at 4.3995/4340 against the US dollar this morning. - Scoop file pic, November 7, 2024
News

Ringgit opens higher despite stronger US dollar on Trump’s return to presidency

Local note at 4.3995/4340 against greenback

Bernama
Updated
9:29 AM MYT

 

KUALA LUMPUR — The ringgit opened slightly higher against the greenback, while the US Dollar Index rose to 105.009 points, a 1.5% increase from the previous day’s close.

At 8 am, the ringgit stood at 4.3995/4340 against the US dollar, rising from yesterday’s close of 4.4000/4070.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said Donald Trump’s return to the US presidency has driven increased demand for the US dollar and equities.

He noted that 10-year US Treasury yields climbed 16 basis points to 4.43%, signalling a “risk-on” mode in financial markets.

President-elect Trump is expected to favour populist measures which could drive higher domestic demand and corporate earnings growth.

This outlook raises questions about how the US Federal Reserve will approach monetary policy amidst these developments given the potential implications for policy direction.

“As a result, we can expect emerging market currencies, including the ringgit, to remain subdued and cautious. Tonight’s Federal Open Market Committee (FOMC) meeting will be crucial as market participants closely watch the accompanying statement on interest rate decisions,” he told Bernama.

The ringgit was firmer against a basket of major currencies.

It rose vis-a-vis the British pound to 5.6674/7119 from 5.6751/6841, went up versus the Japanese yen to 2.8500/8727 from 2.8558/8606 yesterday, and appreciated against the euro to 4.7215/7586 from 4.7313/7388. 

The local note traded mostly higher versus ASEAN currencies.

It strengthened vis-a-vis the Singapore dollar to 3.2997/3258 from 3.3073/312, appreciated against the Thai baht to 12.7907/12.9015 from 12.8768/9048 and gained versus the Philippine peso to 7.49/7.56 from 7.50/7.51. 

The ringgit was flat against the Indonesian rupiah at 277.8/280.1 from 277.8/278.4.- November 7, 2024 

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