Investors are cautious, says Bank Muamalat Malaysia chief economist Afzanizam Abdul Rashid.
At 8am, the local note rose to 4.2490/2700 against the greenback from yesterday’s close of 4.2590/2625.
Bank Muamalat Malaysia chief economist Afzanizam Abdul Rashid said market sentiment would likely be cautious as traders and investors were keeping tabs on the Israel-Iran conflict, while the US considers its response to the currency pressures.
“Still, the US dollar index hovering below 100 points signals that traders may be going to different major currencies or asset classes to seek protection,” he told Bernama.
However, in light of the heightened uncertainties, Afzanizam said the ringgit could remain weak in the near term.
At the opening, the ringgit traded mostly lower against a basket of major currencies.
It declined versus the British pound to 5.7264/7547 from 5.7164/7211 at Thursday’s close and fell against the euro to 4.8910/9152 from 4.8868/8908.
However, it was slightly higher against the Japanese yen at 2.9257/9404 from 2.9286/9312.
Conversely, the local note trended higher against its Asean counterparts.
It appreciated against the Singapore dollar to 3.3051/3219 from 3.3072/3102 at yesterday’s close, climbed to 12.9883/13.0593 from 12.9966/13.0513 versus the Thai baht, inched up vis-a-vis the Indonesian rupiah to 258.9/260.3 from 259.5/259.9, and gained against the Philippine peso to 7.39/7.44 from 7.41/7.42. - FMT
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