Ringgit opens unchanged govt tackles food supply issues

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UALA LUMPUR: The ringgit opened unchanged towards the US greenback right this moment amid the Cabinet assembly right this moment to debate price of residing and food supply issues, mentioned an analyst.

At 9.00 am, the native notice stood at 4.3870/3915 versus the dollar from Friday’s shut of 4.3870/3910.

Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid mentioned the federal government is seeking to brainstorm the present gaps within the food supply issues.

“Issues on food are taking centre stage as the federal government is predicted to provide you with measures to deal with the present gaps,” he instructed Bernama.

Yesterday, Prime Minister Datuk Seri Ismail Sabri Yaakob introduced that the Domestic Trade and Consumer Affairs Ministry and Agriculture and Food Industries Ministry would temporary the Cabinet on these issues, together with short- and long-term plans to beat them.

Meanwhile, SPI Asset Management managing companion Stephen Innes mentioned the Asian overseas change shall be a gradual quickly following the reopening of China from a prolonged lockdown on June 1.

“If China can engineer a protected and wholesome financial reopening, then the ringgit will strengthen over time,” he mentioned.

However, merchants can even be keeping track of international threat sentiment, particularly as development worries proceed to mount.

“Thus, this might restrict ringgit good points, given the currencies sensitivity to exports,” he added.

The ringgit was, nonetheless, traded blended towards a basket of main currencies.

It remained unchanged towards the Singapore greenback at 3.1845/1883 from Friday’s shut of three.1845/1879, slid vis-a-vis the Japanese yen to three.4354/4392 from 3.4236/4270, and eased versus the British pound to five.4934/4990 from 5.4732/4782.

However, the ringgit appreciated versus the euro to 4.6414/6462 from 4.6445/6488 on Friday. – Bernama



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