KUALA LUMPUR: The ringgit remained firmer at the 3.97 level against the US dollar and other major currencies at Thursday’s opening, supported by improved market optimism following the two-week ceasefire, which spurred risk-on sentiment.
At 8 am, the local currency rose to 3.9730/9915 against the greenback, compared with Wednesday’s close of 3.9735/9785.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US dollar index (DXY) continued to hover below 100, at 99.013 this morning, giving a 0.85 per cent decline.
Yesterday, the ringgit closed higher by 1.33 per cent to 3.9735.
Nevertheless, he said the situation remains fragile, as any breach of the ceasefire could shift market sentiment and potentially trigger a sudden spike in crude oil prices.
"Today, the USD/MYR could stay in a narrow range as traders and investors continue to observe the compliance with the ceasefire agreement,” he told Bernama.
At the opening, the ringgit strengthened against the Japanese yen to 2.5041/5159 from 2.5071/5104
at Wednesday’s close, appreciated against the euro to 4.6317/6533 from 4.6407/6465, and rose versus the British pound to 5.3202/3450 from 5.3348/3415.
The local currency traded mixed against ASEAN currencies.
It fell against the Singapore dollar to 3.1168/1316 from 3.1155/1199 at yesterday’s close, but appreciated against the Thai baht to 12.3769/4427 from 12.4056/4282.
It was almost flat against the Philippine peso at 6.68/6.72 from 6.68/6.70 previously, while showing little change against the Indonesian rupiah at 233.5/234.7 compared with 233.5/233.9. - Bernama
