Ringgit rises against US dollar in early trading | The Malaysian Insight

Ringgit rises against US dollar in early trading

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid expects the ringgit to linger around RM4.44 against the US dollar today. – The Malaysian Insight file pic, April 19, 2023.

THE ringgit rose against the US dollar in the early session today as the United States Federal Reserve officials continued their hawkish stance, favouring another 25 to 75 basis points interest rate hike in the near term. At 9.03am, the local note was pegged at 4.4275/4320 versus the greenback from yesterday’s closing rate of 4.4315/4360.

However, Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid expects the ringgit to stay soft as the US dollar/ringgit pair was already in the overbought position from the technical perspective.“China’s higher-than-expected gross domestic product in the first quarter of 2023 at 4.5% reported yesterday suggests that the Malaysian economy would benefit from it via trade and investment, so this should be positive for the ringgit in the medium term,” he told Bernama.

However, it eased to 7.90/7.91 against the Philippines’ peso from yesterday’s close of 7.89/7.90 and depreciated against the Thai baht to 12.9285/9477 from 12.9228/9416 previously. – Bernama, April 19, 2023.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

msianinsight /  🏆 8. in MY

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ringgit ditutup rendah berbanding dolar AS | The Malaysian InsightPada 6 petang, unit tempatan susut kepada 4.4200/4250 berbanding dolar AS.
Read more »

Ringgit weakens v dollar at close | The Malaysian InsightMarket expects another round of interest rate hikes in the US.
Read more »

Ringgit shrinks against US dollar | The Malaysian InsightLocal note stays overbought ahead of likely rise in Washington interest rates.
Read more »

Ringgit slips further v dollar at close | The Malaysian InsightLocal note breaches its immediate resistance level against the greenback.
Read more »

Ringgit ditutup rendah berbanding dolar AS | The Malaysian InsightPada 6 petang, mata wang tempatan merosot kepada 4.4315/4360 berbanding dolar AS.
Read more »

UK unemployment rises as cost of living crisis bites | The Malaysian InsightProductive days lost to wage-related strikes pick up in February.
Read more »