Ringgit Opens Higher Against Major Currencies, Easier Versus US Dollar

By K. Naveen Prabu

KUALA LUMPUR, July 8 (Bernama) -- The ringgit opened higher against major currencies but eased against the US dollar on Wednesday as demand for the greenback strengthened amid escalating geopolitical tensions in West Asia.

At 8 am, the local currency weakened to 4.0745/0830 against the US dollar from Tuesday's close of 4.0685/0735.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said global financial markets were expected to remain in risk-off mode following US military strikes against Iranian forces and the US Treasury Department's decision to revoke a waiver on Iranian oil sales.

"This suggests the ceasefire remains fragile, prompting a 6.13 per cent jump in Brent crude prices to US$76.40 per barrel," he told Bernama.

At the opening, the ringgit strengthened against a basket of major currencies.

It rose against the Japanese yen to 2.5092/5146 from 2.5179/5221 at Tuesday's close, appreciated against the British pound to 5.4378/4492 from 5.4668/4755, and gained against the euro to 4.6453/6550 from 4.6696/6771.

The local currency also traded higher against most regional currencies.

It strengthened against the Singapore dollar to 3.1495/1563 from 3.1593/1648 at Tuesday's close, appreciated against the Indonesian rupiah to 226.6/227.1 from 226.8/227.2, and gained against the Thai baht to 12.1965/2278 from 12.2545/2807.

It was unchanged against the Philippine peso at 6.63/6.65.

--BERNAMA