Ringgit opens higher on improved sentiment

  • Forex
  • Monday, 23 Aug 2021

KUALA LUMPUR: The ringgit rose against the US dollar in early trade Monday as improved market sentiment following the certainty in Malaysia’s political environment helped lift investors’ risk appetite.

At 9 am, the local note stood at 4.2300/2340 versus the greenback compared with last Friday's close of 4.2380/2400.

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said the ringgit was expected to trade between RM4.23 and RM4.24 against the US dollar this week, with the market likely to be calmer after the country's latest political development.

However, tailwinds are likely be limited ahead of the US Federal Reserve’s (Fed) Jackson Hole conference, which is scheduled for Aug 26-28, 2021.

"If the picture of an earlier-than-expected tapering of asset purchases by the Fed appears from the symposium, the US dollar might strengthen and exert downward pressure on the ringgit," he told Bernama.

UMNO vice-president Datuk Seri Ismail Sabri Yaakob took his oath of office as Malaysia’s 9th Prime Minister before the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah in a ceremony on Saturday.

The appointment of the Bera Member of Parliament (MP) was made following the resignation of Tan Sri Muhyiddin Yassin, who is Parti Pribumi Bersatu Malaysia (Bersatu) president and Pagoh MP, on Aug 16 after failing to command majority support of the parliamentary members.

Meanwhile, the local note opened mixed against a basket of major currencies.

The ringgit rose against the Japanese yen to 3.8497/8536 from 3.8654/8676 on Friday and strengthened versus the British pound to 5.7706/7760 from 5.7709/7736 previously.

However, the local currency depreciated vis-a-vis the Singapore dollar to 3.1073/1107 from 3.1070/1087 at Friday’s close and weakened against the euro to 4.9491/9538 compared with 4.9474/9498 previously. - Bernama
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!


Next In Business News

Ranhill secures engineering design contract for solar powered offshore platform
SC issues new guidelines, technical notes on investment advisory
Sapura Energy returns to black in 3Q, posts net profit of RM10.18mil
Mohammed Che Hussein to retire as Gamuda chairman
Mitrajaya wins RM265.87mil construction contract
Benjamin Teo, now substantial shareholder of Paramount
Ringgit ends slightly lower vs greenback ahead of FOMC meeting
Propel Global to acquire 51% stake in Best Wide Engineering for RM7.82mil
Bermaz Auto reports more than two-fold profit jump in 2Q
Sime Darby Motors appointed exclusive BYD EV distributor

Others Also Read