KUALA LUMPUR: The ringgit was little changed against the US dollar this morning amid weak sentiment across Asian currencies and the ongoing China property market woes.
At 9 am, the local note climbed to 4.6845/6885 against the greenback from Monday’s close of 4.6850/6880.
SPI Asset Management managing partner Stephen Innes expects the ringgit to trade defensively today as the US 10-year bond yields made new highs, rising 10 basis points to 4.53 per cent, while the ongoing China property market woes cast a pall over Asian currencies.
“Asian forex markets will simply get no help from a US Federal Reserve (Fed) that appears committed to higher for longer US interest rates,” he told Bernama.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit could remain between RM4.68 to RM4.69 today ahead of the possible US government shutdown on Oct 1, should the US Congress remain undecided on the spending bill.
“It was reported that should the government shutdown occur, there could be a delay in the statistical releases such as the nonfarm payroll and consumer price index scheduled on Oct 6 and Oct 12.
“This would keep investors and the Fed in the dark in assessing the latest economic indicators, leading to further uncertainties,” he added.
The ringgit was traded higher against a basket of major currencies.
It strengthened against the euro at 4.9581/9623 from Monday’s closing of 4.9825/9857, improved against the British pound at 5.7174/7223 from 5.7274/7311 and appreciated against the Japanese yen to 3.1467/1496 from 3.1523/1546 yesterday.
At the same time, the local note traded mostly higher against other Asean currencies.
It advanced against the Thai baht to 12.9360/9517 from 12.9642/9772 on Monday but was flat against the Indonesian rupiah at 304.1/304.5.
It rose against the Philippine peso at 8.24/8.26 from 8.25/8.26 on Monday and increased against the Singapore dollar to 3.4271/4303 from 3.4295/4319.
Short-term rates remain stable
Short-term rates are expected to remain stable today on Bank Negara Malaysia’s (BNM) operations to absorb surplus liquidity from the financial system.
Liquidity is estimated at RM44.45 billion in the conventional system and RM22.01 billion in Islamic funds.
Today, the central bank will conduct two conventional money market tenders comprising RM1 billion for seven days and RM500 million for 14 days as well as a RM600 million Qard tender for seven days.
It will also be issuing two reverse repo tenders consisting of RM1.5 billion for 30 days and RM500 million for 91 days.
BNM also announced the availability of reverse repo, sale and buy-back agreements as well as collateralised commodity Murabahah facilities for tenors of one to three months.
At 4 pm, it will conduct up to RM44.0 billion conventional overnight tender and RM22.3 billion for Murabahah overnight tender.
Foreign exchange rates
Following are the opening Malaysian foreign exchange for major currencies today:
1 USD 4.6845/6885
100 yen 3.1467/1496
1 pound 5.7174/7223
1 euro 4.9581/9623
1 SGD 3.4271/4303
100 baht 12.9360/9517
1 mln rupiah 304.1/304.5
100 pesos 8.24/8.26
Exchange rates issued by Malayan Banking Bhd today
| SELLING TT/OD | BUYING TT | BUYING OD | |
| 1 US Dollar | 4.7540 | 4.6200 | 4.6100 |
| 1 Australian Dollar | 3.0720 | 2.9510 | 2.9350 |
| 1 Brunei Dollar | 3.4790 | 3.3790 | 3.3710 |
| 1 Canadian Dollar | 3.5320 | 3.4370 | 3.4250 |
| 1 Euro | 5.0420 | 4.8800 | 4.8600 |
| 1 New Zealand Dollar | 2.8510 | 2.7460 | 2.7300 |
| 1 Papua N Guinea Kina | N/A | N/A | N/A |
| 1 Singapore Dollar | 3.4790 | 3.3790 | 3.3710 |
| 1 Sterling Pound | 5.8150 | 5.6330 | 5.6130 |
| 1 Swiss Franc | 5.1960 | 5.0770 | 5.0620 |
| 100 UAE Dirham | 131.0300 | 124.2700 | 124.0700 |
| 100 Bangladesh Taka | 4.3960 | 4.1100 | 3.9100 |
| 100 Chinese Renminbi | 65.5000 | 62.7400 | N/A |
| 100 Danish Krone | 69.3100 | 63.7900 | 63.5900 |
| 100 Hongkong Dollar | 61.5100 | 58.4600 | 58.2600 |
| 100 Indian Rupee | 5.8200 | 5.4600 | 5.2600 |
| 100 Indonesian Rupiah | 0.0320 | 0.0289 | 0.0239 |
| 100 Japanese Yen | 3.2030 | 3.1020 | 3.0920 |
| 100 New Taiwan Dollar | 15.8000 | N/A | N/A |
| 100 Norwegian Krone | 45.1500 | 41.5300 | 41.3300 |
| 100 Pakistan Rupee | 1.6700 | 1.5600 | 1.3600 |
| 100 Philippine Peso | 8.4900 | 8.0000 | 7.8000 |
| 100 Qatar Riyal | 131.9300 | 125.2400 | 125.0400 |
| 100 Saudi Riyal | 128.2400 | 121.7400 | 121.5400 |
| 100 South Africa Rand | 26.2500 | 23.7100 | 23.5100 |
| 100 Sri Lanka Rupee | 1.5100 | 1.3800 | 1.1800 |
| 100 Swedish Krona | 44.3400 | 40.3900 | 40.1900 |
| 100 Thai Baht | 13.7200 | 12.1800 | 11.7800 |
Gold down
The physical price of gold as at 9.30 am stood at RM279.29 per gramme, down 66 sen from RM279.95 at 5 pm yesterday. – BERNAMA
