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Ringgit slightly rises at opening as US Fed ‘in no rush’ to cut rates | Scoop
At 8am, the ringgit rose to 4.4660/4730 against the greenback from Monday’s close of 4.4680/4730 after the market was closed for Thaipusam yesterday. – Scoop file pic, February 12, 2025
News

Ringgit slightly rises at opening as US Fed ‘in no rush’ to cut rates

Local note trades at 4.4660/4730 against USD, economist says Donald Trump’s tariff will continue to dictate market sentiments, uncertainties will keep currency market in a tight range

Bernama
Updated
9:35 AM MYT

 

KUALA LUMPUR – The ringgit opened slightly higher against a softer greenback following the US Federal Reserve (Fed) stance that indicated it was not in a rush to cut interest rates, said an analyst.  

At 8am, the ringgit rose to 4.4660/4730 against the greenback from Monday’s close of 4.4680/4730 after the market was closed for Thaipusam yesterday.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the Dollar Index (DXY) was down by 0.37% to 107.922 points as the US Fed chair Jerome Powell reiterated the Fed’s stance not to rush the decision on reducing policy rates.  

“It seems that the broad direction is to cut the Fed Fund Rate. It is a question of timing and the degree of the policy accommodation.  

“As such, this will support the ringgit to a certain degree,” he told Bernama. 

However, Afzanizam said comments from US President Donald Trump on tariffs would continue to dictate the market sentiments given the nature of such announcements, which tend to surprise the markets. 

Hence, he said the policy uncertainties on tariffs would keep the currency market, including the ringgit, in a tight range.  

Meanwhile, the ringgit traded lower against major currencies. 

It declined versus the British pound to 5.5602/5689 from 5.5430/5492 and depreciated vis-a-vis the euro to 4.6281/6354 from 4.6128/6179 previously. 

However, it appreciated against the Japanese yen to 2.9233/9281 from 2.9352/9387 at Monday’s close.  

The local note traded mostly higher against ASEAN currencies. 

The ringgit strengthened against the Indonesian rupiah to 272.5/273.1 from 273.1/273.5, advanced versus the Philippine peso to 7.67/7.69 from 7.69/7.70 and improved against the Thai baht to 13.1060/1369 from 13.1768/1986 previously. 

It fell against the Singapore dollar to 3.3011/3067 from 3.3006/3048 on Monday. – February 12, 2025

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