malaysiang
KUALA LUMPUR: The ringgit rebounded, opening higher against the US dollar on Monday as the greenback softened, with markets awaiting key events later in the week. At 8 am, the ringgit appreciated to 4.3755/3805 against the dollar, rising from last week’s close of 4.3780/3835.
According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid stated that the ringgit is likely to trade sideways as markets prepare for a busy week. He highlighted that market attention is turning towards the upcoming US Presidential Election, scheduled for November 5. He also mentioned the disappointment over October’s labor market data, which fell much lower than anticipated, suggesting that the US Federal Reserve may cut rates by 25 basis points this week. “Hence, the near-term outlook remains cautious,” he added.
This morning, the ringgit exhibited mixed performance against a basket of major currencies. It rose against the euro to 4.7511/7641 from 4.7532/7592 but edged lower against t
he British pound at 5.6605/6760 from Friday’s close of 5.6502/6573 and declined against the Japanese yen to 2.8693/8776 from 2.8652/8690.
The ringgit traded mostly higher against ASEAN currencies. It was slightly up against the Indonesian rupiah at 277.7/278.6 from 278.2/278.7, rose against the Philippine peso to 7.48/7.51 from Friday’s close of 7.49/7.51, and strengthened against the Thai baht to 12.8897/12.9377 from 12.9103/9322. However, it slid against the Singapore dollar to 3.3056/3149 from 3.3054/3098.
