KUALA LUMPUR, May 6 ― The ringgit was broadly lower against the US dollar in the early session today as risk-off sentiment would continue to dominate the local note direction.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US dollar/ringgit is expected to remain weak today as concerns over possible aggressive tightening by the US Federal Reserve has spooked the market again. “Also, the grim economic outlook shared by the Bank of England after it hiked its interest rate by 25 basis points to 1.00 per cent may also add salt to the wound. The central bank is of the view the UK's economy to experience a contraction by 0.25 per cent in 2023 before resuming 0.25per cent growth in 2024.
At the moment, the US dollar-ringgit is trading above its support level of RM4.3420 while its resistant level is currently at RM4.449.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ringgit opens sharply higher against US dollar | Malay MailKUALA LUMPUR, May 5 — The ringgit is sharply higher against the US dollar in the early session today amid a significant increase in the US Federal Fund Rate (FFR) of 50 basis points. At 9.04am, the local note was pegged at 4.3360/3400 versus the greenback from Friday’s close...
Source: malaymail - 🏆 1. / 86 Read more »
Ringgit rises against US dollar as greenback retreats after Fed dampens hawkish bets | Malay MailKUALA LUMPUR, May 5 —The ringgit closed higher against the greenback today after the US Fed said it would not actively consider 75-basis-point moves in the future. It had earlier hiked the interest rate by half a percentage point and signalled that it would do so at the same rate in the next two...
Source: malaymail - 🏆 1. / 86 Read more »
Thai Beverage seeks up to US$1b in Singapore IPO of beer unit | Malay MailSINGAPORE, May 5 — Singapore-listed Thai Beverage TBEV.SI is looking to raise as much as US$1 billion through the revived Singapore initial public offering (IPO) of its regional beer business this year, two sources familiar with the matter said on Thursday. The size of the potential fundraising...
Source: malaymail - 🏆 1. / 86 Read more »
Taiwan says it can't afford new US anti-submarine helicopters | Malay MailTAIPEI, May 5 ― Taiwan signalled today that it had abandoned a plan to buy advanced new anti-submarine warfare helicopters from the United States, saying they were too expensive. Taiwan had earlier said it was planning to buy 12 MH-60R anti-submarine helicopters, made by Lockheed Martin Corp unit...
Source: malaymail - 🏆 1. / 86 Read more »
Oath Keepers member pleads guilty to sedition in US Capitol attack | Malay MailWASHINGTON, May 5 ― A member of the far-right Oath Keepers militia yesterday admitted to engaging in seditious conspiracy during last year's attack on the US Capitol, the latest in a string of courtroom victories for the Justice Department. William Todd Wilson of North Carolina pleaded guilty...
Source: malaymail - 🏆 1. / 86 Read more »
Financial firms face US$225b in water-related losses, analysis estimates | Malay MailLONDON, May 5 — Financial institutions face losses of at least US$225 billion (RM979.7 billion) from risks related to water, with a third of them doing nothing to assess the potential impact, a report by leading environmental disclosure platform CDP and Planet Tracker estimates. The UN has warned...
Source: malaymail - 🏆 1. / 86 Read more »