Ringgit retreats against dollar on Fed inflation forecast, climbs against regional peers

KUALA LUMPUR, June 19 — The ringgit continued to end lower against the greenback on Thursday, weighed down by emerging concerns over the global financial outlook, a dealer said.
At 6 pm, the local note slid to 4.2590/2625 versus the US dollar from yesterday's close of 4.2500/2550.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit depreciated to as low as RM4.2633 during the morning session as the United States Federal Open Market Committee (FOMC) members were reluctant to cut rates excessively in light of concerns over higher inflation risk in the second half of 2025.
'This was reflected in their latest quarterly forecast of Personal Consumption Expenditures Price Index (PCE) inflation, which is expected to reach 3.0 per cent for 2025 versus the actual figure of 2.1 per cent in April 2025,' he told Bernama.
He added that sentiments will remain guarded as the market participants are wary of the potential escalation of the Israel-Iran conflict.
Conversely, the ringgit traded higher against a basket of major currencies at the close.
It rose against the British pound to 5.7164/7211 from 5.7218/7285 at the close on Wednesday, gained vis-à-vis the euro to 4.8868/8908 from 4.8888/8945 yesterday and appreciated versus the Japanese yen to 2.9286/9312 from 2.9322/9359 previously.
The ringgit was also higher against its Asean peers.
It advanced versus the Indonesian rupiah to 259.5/259.9 from 260.5/260.9 on Wednesday, strengthened against the Singapore dollar to 3.3072/3102 from 3.3074/3115 yesterday, and was up vis-à-vis the Thai baht to 12.9966/13.0513 from 13.0240/0449 previously.
The local unit also rose against the Philippine peso to 7.41/7.42 from 7.46/7.48 at yesterday's close. — Bernama

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Barnama

5 hours ago

• Barnama

Ties Within BRICS Strengthening, Mutual Trade Growing

ST. PETERSBURG, June 20 (Bernama-RIA Novosti) -- Russian President Vladimir Putin said on Friday that ties within BRICS are strengthening and mutual trade is growing, with the trade turnover of the participating countries already exceeding US$1 trillion. "Special attention is being paid to strengthening ties within BRICS. The mutual trade turnover between our countries has already exceeded US$1 trillion and continues to grow. All of these are elements of a global growth platform. 'And they are based on the key principles of BRICS. And this is consensus, parity, and consideration of interests towards each other," Putin said at a plenary session of the 2025 St. Petersburg International Economic Forum (SPIEF), Sputnik/RIA Novosti reported.

Malaysia Sun

6 hours ago

• Malaysia Sun

Piyush Goyal's statement on India ASEAN Trade is unwarranted, says former Union Minister Anand Sharma

ANI 20 Jun 2025, 15:09 GMT+10 New Delhi [India], June 20 (ANI): Former Union Commerce & Industry Minister of India, Anand Sharma, on Friday said in a statement that the statement by Commerce Minister Piyush Goyal on 'belittling India ASEAN Trade Agreements is unwarranted, ill-advised and unfortunate.' Anand Sharma believes that both India and ASEAN has been together for three decades engaged in a multifaceted relationship which is mutually rewarding and the Association of Southeast Asian Nations, is a regional bloc of ten Southeast Asian countries. Formed in 1967, its primary goals are to foster economic growth, social progress, and cultural development, while also promoting regional peace and further believes that this relationship is important for 'Look East policy to deepen and diversify India's relations with a region that is economically vibrant and of enormous geo-strategic importance for engagement with the Asia-Pacific region.''Piyush Goyal's statement terming the Trade agreement with ASEAN as silly and labelling these counties as B team of China is irresponsible and insulting. He has forgotten, that President of Indonesia Prabowo Subianto was the chief guest for 2025 Republic Day Parade,' Anand Sharma said. The former Union Minster in his statement also emphasized that, 'trade in goods with ASEAN counties also includes essential imports: Iron ore and Coal from Indonesia, Palm oil from Malaysia and Indonesia, Oil - Petroleum products from Brunei Dares Salam and Malaysia and pulses from Mayanmar.''It needs mention that ASEAN is India's 4th largest trading partner accounting for over 11% of India's total global trade with bilateral trade at 120billion USD and accounts for over 11% of India's Exports. FDI inflows from ASEAN to India account for over 18% of total FDI inflows since 2000,' he further about the Commerce Minister, he also said that, 'Commerce Minister should be prioritising strengthening trade relations with partner countries and not insulting them while bending backwards to negotiate a suboptimal trade agreement with USA on its terms.' (ANI)

The Sun

7 hours ago

• The Sun

Sector diversity, regulatory strength fuel Bursa Malaysia IPO pipeline: Baker Tilly

PETALING JAYA: Malaysia's capital market is experiencing a notable upswing in 2025 as Bursa Malaysia is forecasting a significant increase in new public listings, with expectations set at 60 initial public offerings and a targeted total market capitalisation of RM40.2 billion. According to Baker Tilly Asia Pacific's latest publication Pathways to the APAC Capital Markets, Malaysia's momentum builds on a robust 2024, during which 55 companies chose to list and collectively raised RM7.4 billion, marking the highest number of listings in Asean by volume. The sectors represented in Malaysia's listing pipeline is diverse, the report said, adding that companies from consumer goods, healthcare, logistics and technology are showing strong interest in going public. These industries are being buoyed by a combination of government incentives and heightened investor appetite, both of which are contributing to a dynamic and attractive investment environment, the report noted. 'Malaysia has always punched above its weight when it comes to capital markets,' said Andrew Heng, who is the group managing partner of Baker Tilly Malaysia. 'As confidence returns to the region post-pandemic and amid geopolitical realignments, we expect more companies to explore IPOs and cross-border listings – and Malaysia will be on their radar,' he said in a statement. One of Malaysia's key advantages is the relative ease of access it offers to both local and foreign companies seeking to list, the report said. The structured framework of the Main Market and the ACE Market provides clear pathways for companies at various stages of growth, making Malaysia a practical choice for businesses looking to tap into public capital. Regulatory stability enhances Malaysia's appeal as a listing destination. The report also noted that Securities Commission Malaysia and Bursa Malaysia continue to demonstrate strong oversight while remaining open to innovation. Notable steps include progressive moves toward enhanced ESG reporting and the development of alternative fundraising frameworks, ensuring that the market remains both secure and forward-looking. These factors collectively position Malaysia's capital market as a serious contender for companies and investors seeking opportunity and stability in the region, according to the report,