Qualampur: Ringit opened its profit strong against the US dollar on Tuesday as Greenback weakened on the rising expectations of the United States interest rate cut.
At 8 am, the local currency was at $ 4.2070/2275 vs. dollars, which was closed near 4.2165/2205 on Monday.
Bank Malaysia Malaysia BHD Chief Economist Dr. Mohammad Afzanim Abdul Rashid said the US dollar continued to decline as the markets of a potential Federal Reserve Rate cut the next week were priced at the price of soft US jobs.
He said that economists would be watching the quarter census of employment and wages due to US Bureau of Labor Statistics, later amidst the expectations of amendment in the development of the job today.
“The major message is that the labor market is weak and the fed is seen behind the curve in cuts in interest rates,” he told Bernma.
Back home, Mohammad Afzanizam said that the ringitte was likely to maintain the bias to appreciate his appreciation and to maintain hover around 4.21 to 4.22 per dollar.
Ringit was marginally lower than major currencies in early trade, decreasing from 2.8536/8565 on Monday to 2.8545/8686 against Yen.
It slipped from 5.6956/7011 to 5.7009/7287 as against the pound and fell to 4.9430/9477 to 4.9508/9749 against the euro.
Against the ASEAN currencies, the Ringit did most strong business, which increased from 258.5/258.8 to 257.9/259.3 against Rupiah.
It increased to 3.2795/2958 vs Singapore dollar from 3.2831/2865 and increased to 7.42/7.46 against Peso from 7.43/7.44.
Ringit slipped against Baht from 13.2299/2491 by 13.2734/3452. – Bernma
