KUALA LUMPUR, July 2 — The ringgit opened lower against the strengthening United States dollar but rose versus other major currencies, said an economist.
At 9am, the ringgit eased to 4.7190/7235 versus the greenback from yesterday’s close of 4.7120/7155.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said elections in France and the United Kingdom have boosted the greenback.
It was reported the UK will hold its election on Thursday, while France’s second round of parliamentary elections will be held July 7.
“While the US ISM Manufacturing Purchasing Managers Index fell to 48.5 points in June, which was lower than consensus estimates of 49.2 points, the US Dollar Index continues to be well supported,” he told Bernama.
He said the United States’ presidential election in November appears to be the main focus of the market in light of the presidential debate last Friday.
On that note, the ringgit is expected to maintain its tight range against the greenback at around RM4.71 today, said Mohd Afzanizam.
Meanwhile, the ringgit rose against a basket of major currencies.
The local currency appreciated against the Japanese yen to 2.9216/9246 from 2.9254/9278 at yesterday’s close, increased vis-a-vis the British pound to 5.9653/9710 from 5.9706/9750 previously, and improved versus the euro to 5.0658/0707 from 5.0682/0720.
The local note was mixed against its Asean peers.
It rose against the Singapore dollar to 3.4750/4785 from 3.4772/4801 at yesterday’s close and firmed versus the Thai baht to 12.8300/8464 from 12.8329/8481 previously.
However, it slipped against the Philippine peso to 8.04/8.05 from 8.03/8.04 and eased versus the Indonesian rupiah to 289.1/289.5 from 288.7/289.0.
— Bernama
