Sunday , May 28 2023

Ringgit opens weaker against US dollars on lower dolphin prices, global growth – Business News


KUALA LUMPUR: The Ringgito opened slightly lower than the US dollar this morning with concerns about the slowness of world growth and weak steel prices.

At 9.02 am, the local note stood at 4.1080 / 1130 against the US dollar of 4,1070 / 1100 at the last end.

During the writing, Brent-raw dropped 0.21 percent, up to 66.34 US dollars per barrel.

Businessman said the price prices had fallen after China had registered its slower quarterly economic growth in at least 27 years, strengthening concerns of demand in the world's largest crude oil importer.

Meanwhile, the greenback traded higher in thin trade as investors prepared for a possible Federal Reserve cut in the interest in its policy meeting next week.

"The market will also be waiting for the next US sales and industrial product data, as well as the key Beige Book on the economic conditions of the United States, will be published within this week," he added.

At the opening, the ringbill was trading higher than other major currencies.

I increased against the Singapore dollar at 3.0282 / 0336 from 3.0285 / 0319 on Tuesday and was higher than the female at 3.8055 / 8112 of 38074/8112.

Against the pound it increased against 5.1399 / 1478 of 5.1580 / 1634 against the pound and was rated against the euro at 4,6244 / 6312 of 4,6319 / 6365. – Bernama

In addition to a significant exemption in floating prices, the ringhead is 4.10 and lowers the US dollar, with the support of a keen American Federal Reserve and European Central Bank.

Head of the Vanguard Markets Research Stephen Innes said that the local currency must even benefit from the Fed's cyclical rate even more if its rate is deeper at 50 pb.

"I believe there is still a strong opportunity for this to happen, because the Fed has a regime changed to global basic political views," he said with a note.

He added that even a lower rate of 25bps would be suitable for emerging markets in Asia to support and maintain a balanced risk environment.

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