Ringgit opens flat amid firming international financial system

KUALA LUMPUR: The ringgit opened flat versus the US greenback on Friday regardless of oil costs surging amidst Russian provide issues.

At 9.20 am, the native forex was unchanged at 4.1945/1980 versus the buck from Thursday’s shut.

Financial institution Islam Malaysia Bhd chief economist, Mohd Afzanizam Abdul Rashid stated the ringgit is more likely to commerce inside in a slim vary in the present day because the rise in international rates of interest point out that financial restoration is ongoing, whereas the Russia-Ukraine navy battle may pose an excellent problem on the macroeconomic surroundings.

“The financial tightening marketing campaign has continued with the Financial institution of England (BoE) becoming a member of its United States counterpart, elevating its benchmark rate of interest by one other 25 foundation factors to 0.75 per cent.

“That is the third price hike since final December, supporting the view that the worldwide financial system is firming up regardless of issues over the struggle in Ukraine,” he informed Bernama.

In the meantime, Brent crude worth trended greater at US$107 per barrel as prospects of peace talks seems to be dim.

On the opening, the ringgit was traded principally decrease towards a basket of main currencies, besides versus the Japanese yen the place it rose to three.5343/5375 from 3.5364/5396 at Thursday’s shut.

The native unit weakened towards the Singapore greenback to three.0990/1018 from 3.0931/0959 yesterday, declined towards the British pound at 5.5216/5262 from 5.5212/5258, and was decrease towards the euro at 4.6559/6598 from 4.6311/6350 beforehand. – Bernama


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