KUALA LUMPUR, July 11 (NNN-Bernama) —\u00a0The ringgit opened marginally higher against the US dollar as the greenback continued to trend lower due to\u00a0markets\u2019 expectation of\u00a0a lower United States (US) Consumer Price Index (CPI) print set to be released tomorrow.<\/p>\n\n\n\n
At 9.05 am, the local note was traded at 4.6605\/6650 against the greenback compared with 4.6685\/6725 at Monday\u2019s close. <\/p>\n\n\n\n
Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid said consensus estimates the US headline and core CPI to record slower increases in June at 3.1 per cent (May: 4.0 per cent) and 5.0 per cent (May: 5.3 per cent), respectively. <\/p>\n\n\n\n
He noted that the US dollar index declined to 101.94 points while the 10-year US Treasury note yield eased to 3.99 per cent after hovering over 4.00 per cent in the past two days.<\/p>\n\n\n\n
Furthermore, indicators from China were also not forthcoming with the inflation rate flat at 0.0 per cent in June after rising 0.2 per cent in the preceding month.<\/p>\n\n\n\n
China\u2019s authorities have also announced measures to support the real estate sector by allowing a one-year loan extension for ailing property developers. <\/p>\n\n\n\n
\u201cIn that sense, the MYR\/USD is expected to remain weak as the global outlook remains highly uncertain.<\/p>\n\n\n\n
\u201cWhile the ringgit may weaken in the near term, the latest fund flow in the bond markets showed that foreign investors continued to remain as net buyers at RM5.2 billion in June, higher from RM3.0 billion in the prior month,\u201d he told Bernama. <\/p>\n\n\n\n
In the first six months of 2023 (1H2023), foreign funds have been net buyers at RM21.2 billion, as opposed to being net sellers of RM3.2 billion in 1H2022.<\/p>\n\n\n\n
Foreign investors were seen accumulating Malaysian Government Securities (MGS), Government Investment Issue (GII) and Malaysia Islamic Treasury Bills (MITB) amounting to RM13.4 billion, RM9.1 billion and RM2.4 billion, respectively.<\/p>\n\n\n\n
\u201cAs such, it\u2019s not all gloom and doom for the ringgit as foreign investors continue to favour Malaysia\u2019s bond market.<\/p>\n\n\n\n
\u201cPerhaps, they see a possible appreciation of ringgit on the horizon and the prospect of lower interest rates going forward,\u201d said Mohd Afzanizam. <\/p>\n\n\n\n
Meanwhile, the ringgit traded lower against a basket of major currencies.<\/p>\n\n\n\n
It fell vis-a-vis the euro to 5.1307\/1357 from 5.1176\/1220 on Monday\u2019s close, slipped against the Japanese yen to 3.2985\/3020 from 3.2761\/2792 yesterday and weakened against the British pound to 5.9981\/6.0039 from 5.9785\/9836 previously.<\/p>\n\n\n\n
The local note was also traded mostly lower against other Asean currencies.<\/p>\n\n\n\n
The ringgit eased versus the Singapore dollar to 3.4692\/4728 from Monday\u2019s close of 3.4612\/4644, weakened against the Thai baht to 13.3214\/3400 from 13.2790\/2961 yesterday and was marginally lower against the Philippines\u2019 peso at 8.39\/8.40 from 8.38\/8.39 previously.<\/p>\n\n\n\n
However, the ringgit improved against the Indonesian rupiah to 306.4\/306.9 from 306.9\/307.4 yesterday.<\/p>\n\n\n\n
— NNN-BERNAMA\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
KUALA LUMPUR, July 11 (NNN-Bernama) —\u00a0The ringgit opened marginally higher against the US dollar as the greenback continued to trend lower due to\u00a0markets\u2019 expectation of\u00a0a lower United States (US) Consumer Price Index (CPI) print set to be released tomorrow. At 9.05 am, the local note was traded at 4.6605\/6650 against the greenback compared with 4.6685\/6725 at […]<\/p>\n","protected":false},"author":25,"featured_media":147241,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,288,300,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/228588"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=228588"}],"version-history":[{"count":1,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/228588\/revisions"}],"predecessor-version":[{"id":228589,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/228588\/revisions\/228589"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/147241"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=228588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=228588"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=228588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}