KUALA LUMPUR: The ringgit opened barely lower against the US dollar on Friday as blended alerts from the fairness market continues to assist the buck, an analyst mentioned.
At 9.01 am, the native notice eased to 4.1910/1935 versus the buck from 4.1925/1950 at yesterday’s shut.
Speaking to Bernama, Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid mentioned the sell-off within the US equities means that market contributors have turn out to be more and more cautious over the prospect of upper rates of interest.
The 10-year US Treasury notice yield was additionally all the way down to 1.78 per cent, indicating that the buyers might have shifted to risk-free property to hunt safety against marker volatility.
He mentioned such risk-off mode clearly benefitting the US dollar with US Dollar Index (DXY) rising to 95.735 factors.
“Following this, the ringgit/US dollar is predicted to lean on weaker trajectory immediately.
“Bank Negara Malaysia’s (BNM) Monetary Policy Committee saved the in a single day coverage fee (OPR) unchanged at 1.75 per cent, indicating that BNM shouldn’t be in a rush to lift OPR and implying that ringgit might keep mushy within the instant phrases,” he mentioned.
Overall, the native notice was traded largely greater against a basket of different main currencies.
The ringgit ended greater versus the euro to 4.7371/7405 from 4.7521/7555 at Thursday’s shut and rose against the Singapore dollar to three.1097/1124 from 3.1103/1130.
The native notice appreciated against the British pound to five.6931/6971 from 5.7066/7107 yesterday however dropped against the Japanese yen to three.6831/6861 from 3.6640/6670. – Bernama
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