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Ringgit eases against US dollar but gains against most major, regional currencies

KUALA LUMPUR, Sept 11 — The ringgit appreciated against most major and regional currencies today, although it declined against the US dollar.This move was influenced by rising...

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令吉兑美元走软,但兑大多数主要区域货币走强。

On September 11, the ringgit appreciated against most major and regional currencies, except the US dollar, reflecting rising crude oil prices and anticipation of a US Federal Reserve interest rate hike, which strengthened the greenback.

Market sentiments were influenced by geopolitical tensions affecting oil prices and expectations surrounding the Fed's upcoming economic projections.

By the market close, the ringgit had gained value against the euro, Japanese yen, British pound, Singapore dollar, Thai baht, and Indonesian rupiah, while remaining stable against the Philippine peso.

KUALA LUMPUR, Sept 11 — The ringgit appreciated against most major and regional currencies today, although it declined against the US dollar.

This move was influenced by rising crude oil prices and expectations of a potential interest rate hike by the United States Federal Reserve (Fed), which bolstered the greenback.

At 6pm, the local currency depreciated to 4.0685/0725 against the greenback from yesterday’s close of 4.0630/0670.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said external developments, particularly the sharp rise in crude oil prices, following the intensification of the conflict involving the US, Israel and Iran, continued to influence market sentiment.

“Heightened geopolitical tensions had pushed Brent crude oil prices higher to around US$104.64 per barrel.

“At the same time, expectations of an interest rate hike by the Fed have also shaped sentiment in the foreign exchange market, helping to support the value of the US dollar,” he told Bernama.

Mohd Afzanizam said market attention would now turn to the Fed’s interest rate decision and its latest economic projections, including forecasts for gross domestic product growth, inflation, unemployment and the federal funds rate.

At the close, the ringgit traded higher against a basket of major currencies.

It strengthened against the euro to 4.7178/7225 from yesterday’s 4.7269/7315, appreciated against the Japanese yen to 2.6400/6428 from 2.6431/6459, and rose against the British pound to 5.4961/5015 from 5.5046/5100 previously.

The ringgit also traded higher against Asean currencies.

It strengthened against the Singapore dollar to 3.2091/2125 from 3.2113/2148, appreciated against the Thai baht to 12.3072/3241 from 12.3331/3497, and rose against the Indonesian rupiah to 231.0/231.3 from 231.5/231.8 yesterday.

Against the Philippine peso, it was unchanged at 6.49/6.50. — Bernama

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