Ringgit opens lower v dollar
An economist predicts the ringgit/US dollar may move within the narrow range of RM4.51-RM4.52 today. – The Malaysian Insight file pic, August 2, 2023.At 9.07am, the local note decreased to 4.5250/5285 against the greenback compared with 4.5175/5200 at yesterday’s close.
Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid said the US Dollar Index initially rose to a high of 102.41 before retracting to 102.30 points yesterday. “Simultaneously, Fitch Rating downgraded the US government’s AAA rating to AA+, citing concerns over weak governance and prolonged debt ceiling negotiations as key factors.
“Despite these developments, the conflicting data presents a mixed signal, as a sovereign rating downgrade typically corresponds to a weaker US currency,” he told Bernama, adding that the MYR/USD may move within a narrow range of RM4.51-RM4.52 today.It dropped against the euro to 4.9766/9804 from 4.9584/9612 at Tuesday’s close but firmed against the Japanese yen 3.1623/1650 from 3.1666/1686 yesterday and improved vis-a-vis the British pound to 5.7839/7883 from 5.7892/7924 previously.
It had also depreciated against the Indonesian rupiah to 299.3/299.7 from 298.8/299.1 yesterday and was lower against the Singapore dollar to 3.3877/3909 from 3.3872/3893 previously. – Bernama, August 2, 2023.
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