KUALA LUMPUR: The ringgit rebounded to open slightly higher against the US dollar and major currencies, despite the US dollar’s uptrend amidst the United States (US)-Ukraine talk, said an analyst.
At 8 am, the local note inched up to 4.2190/2320 from Monday's close of 4.2200/2240.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said investors are focusing on the ongoing discussion between US President Donald Trump and Ukrainian President Volodymyr Zelenskyy, as well as the upcoming US Federal Reserve’s (Fed) interest rate decision next month.
Yesterday, it was reported that Trump met with Zelenskyy before holding talks with the leaders of Britain, Germany, France, Italy, Finland, the European Union and the North Atlantic Treaty Organisation (NATO).
"The US Dollar Index (DXY) is climbing ahead of the US Fed’s meeting minutes and Jackson Hole Economic Symposium this week.
"It appears that the traders and investors are waiting for more indications whether the US central bank will cut the policy rates in the upcoming meeting in September," he told Bernama.
Meanwhile, the ringgit opened higher against a basket of major currencies this morning.
It strengthened versus the Japanese yen to 2.8520/8610 from Monday’s close of 2.8632/8661, improved against the British pound to 5.6986/7162 from 5.7139/7193 yesterday and increased vis-a-vis the euro to 4.9227/9379 from 4.9290/9336 previously.
At the same time, the local note traded mixed against other ASEAN currencies.
It rose versus the Singapore dollar to 3.2845/2949 from 3.2902/2936 at Monday's close and gained against the Thai baht to 12.9648/13.0127 from 12.9942/13.0121 yesterday.
However, the local currency remained almost flat vis-à-vis the Philippine peso at 7.40/7.43, compared to 7.40/7.42 yesterday, and performed similarly against the Indonesian rupiah at 260.4/261.3, compared to 260.4/260.9 previously. - Bernama
