Ringgit opens unchanged as govt tackles food supply issues

UALA LUMPUR: The ringgit opened unchanged against the US dollar today amid the Cabinet meeting today to discuss cost of living and food supply issues, said an analyst.

At 9.00 am, the local note stood at 4.3870/3915 versus the greenback from Friday's close of 4.3870/3910.

Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the government is looking to brainstorm the current gaps in the food supply issues.

"Issues on food are taking centre stage as the government is expected to come up with measures to address the current gaps," he told Bernama.

Yesterday, Prime Minister Datuk Seri Ismail Sabri Yaakob announced that the Domestic Trade and Consumer Affairs Ministry and Agriculture and Food Industries Ministry would brief the Cabinet on these issues, including short- and long-term plans to overcome them.

Meanwhile, SPI Asset Management managing partner Stephen Innes said the Asian foreign exchange will be a steady soon following the reopening of China from a lengthy lockdown on June 1.

"If China can engineer a safe and healthy economic reopening, then the ringgit will strengthen over time,” he said.

However, traders will also be keeping an eye on global risk sentiment, especially as growth worries continue to mount.

"Thus, this could limit ringgit gains, given the currencies sensitivity to exports,” he added.

The ringgit was, however, traded mixed against a basket of major currencies.

It remained unchanged against the Singapore dollar at 3.1845/1883 from Friday's close of 3.1845/1879, slid vis-a-vis the Japanese yen to 3.4354/4392 from 3.4236/4270, and eased versus the British pound to 5.4934/4990 from 5.4732/4782.

However, the ringgit appreciated versus the euro to 4.6414/6462 from 4.6445/6488 on Friday. - Bernama

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