Qualampur: Ringit on Thursday enhanced its profit against the US dollar, with the comments of the US Federal Reserve (Fed) president Jerome Powell, that the inflation effect of Tariff was highlighted uncertainty.
At 8 am, the local notes strengthened 4.2335/2405 on Wednesday to 4.2255/2475 against Greenback.
Bank Malaysia Malaysia BHD Chief Economist Dr. Mohammad Afzanizam Abdul Rashid said that the possibility of a US rate cut continues, as there is negative risk for development between consumers and businesses.
He said, “On that note, the market is still bending towards the growing policy residence in the second half of the year, now the Aadhaar case is seen with two rate cuts,” he told Bernma.
Mohammad Afzajnizam also mentioned that the US Dollar Index (DXY) fell 0.18 percent to 97.679 points, suggesting that the dollar-ringgit exchange rate is likely to hover between 4.22 and 4.23 today.
However, the ringitte is less open against a basket of major currencies.
It weakened against Japanese Yen from 2.9070/9120 to 2.9161/9315, the vs. British pound fell from 5.7843/8144 to 5.7631/7726, and fell from 4.91113/9194 to 4.9367/9624 against Euro.
The Ringit was mixed against ASEAN currencies.
It visited the Philippine Peso from 7.46/7.48 to 7.45/7.49, and slightly changed against Indonesian Rupia from 259.2/260.2 to 259.2/260.6.
Meanwhile, it slipped from 3.3092/3269 3.3061/3121 against the Singapore dollar, and relaxed 12.9899/13.0648 to 12.9584/9858 against Thai Baht.
