Qualampur: An analyst said that the ringitte opened higher against the US dollar on Friday, as investors remained in alert mode amid growing struggle in the Middle East.
At 8 am, the local note was 4.2590/2625 to 4.2490/2700 against the greenback from tomorrow’s bandh.
Bank Malaysia Malaysia BHD Chief Economist Dr. Mohammad Afzanim Abdul Rashid said that the market spirit would probably be cautious as traders and investors see Israel-Iran’s struggle, while the US is considering its response to currency pressure.
He said, “Nevertheless, the US Dollar Index (DXY) is hovering below the 100 -digit signals that traders can go into various major currencies or asset classes to search for safety,” he told Bernma.
However, in the light of increased uncertainties, Mohammad Afzanizam said that the ringt can be weak in the near period.
In the opening, Ringit traded against a basket of most major currencies.
It dropped the British pound from 5.7164/7211 to 5.7264/7547 in Thursday’s bandh and fell against the Euro to 4.8868/8908 before 4.8910/9152.
However, it was slightly higher against the Japanese yen at 2.9286/9312 at 2.9257/9404.
In contrast, the local note made a higher trend against its ASEAN counterparts.
It appreciated against the Singapore dollar from 3.3051/3219 from 3.3072/3102 from tomorrow, 12.9883/13.0593 at 12.9966/13.0513 vs. Thai Baht, 258.9/260.3 from 258.9/260.3. 7.39/7.44 from 7.41/7.42.
