Ringgit easier against US dollar at opening, strong dollar continues pressure on global currencies

KUALA LUMPUR, April 12 ― The ringgit opened easier against the US dollar today with traders maintaining their focus on the greenback with higher-than-expected US inflation...

At 9am, the local currency fell to 4.7695/7735 versus the US dollar from Tuesday’s close of 4.7455/7500. — Picture by Miera ZulyanaKUALA LUMPUR, April 12 ― The ringgit opened easier against the US dollar today with traders maintaining their focus on the greenback with higher-than-expected US inflation data.

“Some economists have pencilled in a rate cut projection towards the final quarter of the year. It is going to be a dollar positive in the immediate term with ringgit likely to stay weak given that the interest rate differentials between the US and Malaysia is expected to remain wide,” he told Bernama.

Innes added that the persistent weakness of the yen, exemplified by its three-decade low against the Chinese yuan, raised concerns about its impact on regional trade dynamics and hinted at the possibility of broader currency devaluations across the region, reminiscent of historical “beggar thy neighbour” policies.

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