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Ringgit strengthens against US dollar in early session

01 Jun 2023 10:25am
The ringgit traded higher against the US dollar in the early session today following the positive developments on the United States (US) debt limit negotiations.
The ringgit traded higher against the US dollar in the early session today following the positive developments on the United States (US) debt limit negotiations.
KUALA LUMPUR - The ringgit traded higher against the US dollar in the early session today following the positive developments on the United States (US) debt limit negotiations.

At 9 am, the local note rose to 4.6070/6110 versus the greenback compared with Wednesday’s closing of 4.6105/6155.

However, Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid said cautious sentiments may prevail in the foreign exchange market today, adding that the USD/MYR pair should stay around RM4.60-RM4.61.

In the meantime, the ringgit was traded lower against a basket of major currencies.

It went down to 3.3099/3130 against the Japanese yen from 3.2951/2989 at Wednesday’s closing, declined against the euro to 4.9230/9273 from 4.9208/9261 previously, and depreciated versus the British pound 5.7302/7352 from 5.6986/7048 yesterday.

The local note was also traded lower against other Asean currencies.

The ringgit fell against the Thai baht to 13.2839/3016 from 13.2440/2641 yesterday and slid against the Singapore dollar to 3.4065/4100 from Wednesday’s 3.4036/4075.

It was almost flat against the Indonesian rupiah at 307.1/307.6 from 307.4/307.9 on Wednesday and increased slightly against the Philippines’ peso to 8.19/8.21 from 8.20/8.22 previously. - BERNAMA

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