Qualampur: An analyst said that Ringit opened a slightly higher between the US dollar between the US dollar and the strong economic figures supporting the US dollar and greenback.
At 8 am, Ringit strengthened by 4.3900/3975 against Greenback, while on Tuesday around 4.3905/3980.
Bank Malaysia Malaysia Bhad Chief Economist Dr. Mohammad Afzanim Abdul Rashid said that DXY increased the higher points due to the hazards of high import tariffs imposed by the United States (US) by the United States (US) by the United States (US) with strong economic data. ,
He said, “Given that the US Federal Reserve is not in a hurry to cut the rates, DXY is expected to be elevated, and therefore, the ringit can be weak in the near period,” he told Bernama.
Mohammad Afzanizam said the US fourth quarter (4Q) 2024 GDP (GDP) growth came to 2.3 percent against estimates of 2.7 percent.
However, he said that after a recording of the main American development column, consumer expenses, 2.8 percent in 4Q 2024 and 3.7 percent in 2Q and 3Q respectively, 4Q in 2024 has increased by 4.2 percent.
“This suggests that American consumers remain flexible among a strong labor market. Additionally, the US early unemployed claims were dropped by 207,000 last week, compared to the consensus of 224,000, ”he said.
Meanwhile, Ringit did a mixed business against major currencies.
It reached 4.5643/5721 against Euro from 4.5819/5898 on Tuesday and received 5.4541/4635 against the British pound from 5.4541/4635 5.4653/4746. However, local notes were reduced from 2.8484/8535 to 2.8242/8292 against Japanese Yen.
Ringit also did a mixed business against ASEAN currencies.
The local note rose to 3.2481/2542 on Tuesday to 3.2463/2526 against the Singapore dollar and strengthened against Indonesian Rupia at 271.5/272.0 at 271.5/272.0.
However, it weakened from 12.9437/9727 to 13.0507/0839 against Thai Baht and from 7.52/7.54 to 7.51/7.53 against Philippine Peso.
