KUALA LUMPUR (May 30): The ringgit continued to retreat against the US dollar in the early session on Tuesday (May 30), ahead of a decision on the US debt ceiling.

Ringgit continues downtrend against US dollar in early session on May 30

The ringgit retreated from last week’s gains to close lower against the greenback on Monday (May 29) as declining crude oil prices and expectations of a US interest rate hike in June weighed on the local currency despite a tentative agreement on the US debt ceiling.

Ringgit ends lower on oil price decline, US rate hike speculation 

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The Indian rupee may come under pressure on Monday (May 29), after a tentative deal to raise the US debt ceiling made it likely that the US Federal Reserve (Fed) will raise rates next month.

Indian rupee may struggle on rising likelihood of Fed rate hike

KUALA LUMPUR (May 29): The ringgit weakened against the US dollar in the early session on Monday (May 29), amid the recent United States (US) debt ceiling impasse

Ringgit weakens against US dollar in early session on May 29

The ringgit is projected to trade in a narrow range next week, as the US debt ceiling deadline looms on June 1.

SPI Asset Management managing director Stephen Innes noted that the ringgit traded stronger on Friday (May 26) on a relief rally, after some positive developments in the debt ceiling talks, raising hopes that a deal could be reached before June 1.

Ringgit set to trade cautiously next week as US debt ceiling deadline looms

The ringgit rebounded sharply versus the greenback as US debt ceiling negotiations made headway, with the local currency also strengthening against other major and regional currencies.

Ringgit stages sharp rebound against US dollar 

TOKYO (May 26): Japanese Finance Minister Shunichi Suzuki said on Friday after the yen fell to a six-month low against the dollar, that currency rates should be set by markets based on economic fundamentals.

Japan finance minister says markets should set FX rates after yen weakens

The ringgit continued to remain under pressure as the outcome of the US debt ceiling talks remains highly uncertain despite the early June deadline.

At 9am, the local note fell to a six-month low of 4.6280/6305 versus the US dollar compared with Thursday’s closing of 4.6245/6285.

Ringgit stays under pressure, US debt deadlock weighs demand

The yen weakened beyond 140 per dollar for the first time since November as traders moved to price in another Federal Reserve interest-rate increase, underscoring diverging monetary policy expectations in Japan and the US.

Yen weakens past 140 per dollar as traders see another Fed hike

The ringgit depreciated further against the US dollar, hitting a six-month low, and is currently trading near its resistance level of 4.6257, alongside other regional currencies impacted by the US debt ceiling debacle, said Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid.

Ringgit closes lower against US dollar, other currencies

The Singaporean dollar surged to the strongest level on record against the Malaysian ringgit, with the ringgit suffering more from weakening confidence in China’s economic recovery.

Singapore dollar at record high versus ringgit on China worries

The ringgit extended its downtrend against the US dollar on Thursday (May 25) morning, breaching the 4.6 level as the greenback continued to strengthen on the expectation of an interest rate hike in the US.

Ringgit opens lower against US dollar, breaching 4.6 level

The ringgit slipped to another new low of 3.4103 against the Singapore dollar (SGD) on Wednesday (May 24).  

The ringgit/SGD exchange rate, which has depreciated 3.62% year to date, had previously fallen to 3.3764 on August 11, 2022.

Ringgit hits fresh low against Singapore dollar at 3.4103

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