QualampurAn analyst said: Ringit on Tuesday opened a slightly less against the US dollar, as the traders were alert before the United States Federal Reserve (Fed) were alert before the possible interest rate cut, an analyst said.
At 8 am, the local note decreased by 4.2900/2945 to 4.2900/3020 against the greenback.
Bank Malaysia Malaysia BHD Chief Economist Dr. Mohammad Afzanim Abdul Rashid said that New York Fed Chairman John Williams and Atlanta Fed Chairman Rafael Bick has indicated that the policy makers will continue to assess the data coming before any decision.
He said, “US Dollar Index (DXY) fell 0.66 percent to 100.426 points, as the equity market improved, although several fed officials are reluctant to cut rates in the near period,” he told Bernma.
He said that two-and-10-year-old American treasury yields dropped two and three basis points to 3.98 percent and 4.45 percent respectively, while on the basis of Fed Fund Rate Futs, the cut rate in June is less than 10 percent.
He said, “Nevertheless, we hope that the ringtite will be supported as the market spirit improves tariff dialogue globally between the US and various countries.”
Despite its slightly weak performance against Greenback, Ringit mostly traded against a basket of major and regional currencies at the inauguration.
It increased from 2.9596/9650 to 2.9582/9667 against Japanese Yen, appreciated vs. Euro, 4.8344/8429 to 4.8181/8316, and strengthened from 5.7302/7521 to 5.7302/7462 against British pounds.
Against the regional colleagues, it increased the Singapore $ 33120/3218 from 3.3135/3195 and fired against Thai Baht from 12.9388/9864 from 12.9630/9924.
The local notes, however, slipped from 260.8/261.4 to 261.0/261.9 against Indonesian ropy, and reduced from 7.70/7.73 7.69/7.71 to 7.70/7.73 against Philippine Peso.
