The local note stays nearly unchanged at 4.0870/4.0920 as traders adopt a cautious stance.
At 8am, the local currency was nearly unchanged at 4.0870/4.0920 versus the greenback, compared with 4.0870/4.0910 at yesterday’s close.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the uncertainty surrounding peace deal negotiations continued to take centre stage as the US and Iran exchanged attacks for a tenth day.
“The yields on the two- and 10-year US Treasury notes rose by five and four basis points to 4.26% and 4.63%, respectively, as expectations of a US interest rate hike gathered momentum.
“In light of the prevailing conditions in the Middle East, traders are expected to take a cautious stance. As such, the ringgit is expected to trade around RM4.08 to RM4.10 today,” he noted.
Meanwhile, the ringgit was higher against a basket of major currencies at the opening.
It appreciated vis-a-vis the euro to 4.6596/4.6653 from 4.6682/4.6727 at Tuesday’s close, strengthened against the Japanese yen to 2.5046/2.5078 from 2.5123/2.5148 and rose versus the British pound to 5.4676/5.4743 from 5.4868/5.4922 previously.
The local note traded mixed against regional currencies.
It rose versus the Singapore dollar to 3.1631/3.1672 from 3.1682/3.1716 and advanced vis-a-vis the Thai baht to 12.1139/12.1352 from 12.1420/12.1579 at yesterday’s close.
However, the ringgit was flat against the Indonesian rupiah and the Philippine peso at 228.4/228.8 and 6.62/6.63, respectively. - FMT
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