Ringgit strengthens against US$ as US debt ceiling negotiations make headway

  • Forex
  • Thursday, 01 Jun 2023

KUALA LUMPUR: The ringgit traded higher against the US dollar in the early session today following the positive developments on the United States (US) debt limit negotiations.

At 9 am, the local note rose to 4.6070/6110 versus the greenback compared with Wednesday’s closing of 4.6105/6155.

However, Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid said cautious sentiments may prevail in the foreign exchange market today, adding that the USD/MYR pair should stay around RM4.60-RM4.61.

In the meantime, the ringgit was traded lower against a basket of major currencies.

It went down to 3.3099/3130 against the Japanese yen from 3.2951/2989 at Wednesday’s closing, declined against the euro to 4.9230/9273 from 4.9208/9261 previously, and depreciated versus the British pound 5.7302/7352 from 5.6986/7048 yesterday.

The local note was also traded lower against other Asean currencies.

The ringgit fell against the Thai baht to 13.2839/3016 from 13.2440/2641 yesterday and slid against the Singapore dollar to 3.4065/4100 from Wednesday’s 3.4036/4075.

It was almost flat against the Indonesian rupiah at 307.1/307.6 from 307.4/307.9 on Wednesday and increased slightly against the Philippines’ peso to 8.19/8.21 from 8.20/8.22 previously. - Bernama

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