The ringgit is expected to trade in cautious mode with an upward bias against the US dollar next week ahead of a decision by the US Federal Reserve (Fed) on its monetary policy.

Ringgit expected to trade with upward bias versus US dollar next week

Argentina has signed a deal to renew and potentially expand its currency swap line with China, the South American country's central bank said in a statement on Friday, a boost to the indebted nation's dwindling foreign currency reserves.

The bank said that the two countries had agreed to renew the total 130 billion yuan (US$18.36 billion) swap line for three more years, and could double the freely accessible part of the swap from 35 billion yuan now to 70 billion yuan, some US$10 billion.

Argentina to renew, expand China currency swap line

The ringgit rebounded from a four-day losing streak to end higher on Friday (May 2), driven by improved sentiment as the US debt ceiling deal was resolved and the expectation that the Federal Reserve will pause interest rate hikes in June.

Ringgit ends higher against US dollar, regional peers

All around the world, a backlash is brewing against the hegemony of the US dollar.

Brazil and China recently struck a deal to settle trade in their local currencies, seeking to bypass the greenback in the process.

Putin’s war ignites backlash against US dollar across the world

KUALA LUMPUR (June 2): The ringgit traded higher against the US dollar in the early session on Friday (June 2), as investors await the release of the United States (US) nonfarm payrolls data later in the day, said a dealer.

Ringgit rises against US dollar in early session on June 2

The ringgit slipped further to end marginally lower against the US dollar on Thursday (June 1) on a lack of catalysts amid a slightly firmer greenback, said an analyst.

Ringgit closes marginally lower against US dollar

As foreign exchange traders shift their books to bet on interest-rate cuts, the Philippine peso looks set to emerge as a winner: historically it’s been the least affected by monetary easing among Southeast Asian currencies.

Philippine peso looks to race ahead in Southeast Asia once rate cuts begin

KUALA LUMPUR (June 1): The ringgit traded higher against the US dollar in the early session on Thursday (June 1), following positive developments on the United States (US) debt limit negotiations.

Ringgit strengthens against US dollar in early session on June 1

The depreciation of the ringgit starting from February was the result of a series of crises in the US, which were beyond the government’s control, said Economy Minister Mohd Rafizi Ramli.

He said that since the beginning of 2023, the US was faced with issues such as the collapse of Silicon Valley Bank, and the ongoing US debt ceiling limit impasse.

Ringgit depreciated due to series of US crises, says Rafizi

The ringgit closed lower against the US dollar as investors remained cautious regarding the US debt ceiling vote later Wednesday (May 31).

Ringgit ends lower on cautious sentiment

Türkiye's lira tumbled on Wednesday to a fresh record low against the US dollar as President Tayyip Erdogan prepared to decide the shape of his new cabinet and the direction of economic policy after an election triumph.

Lira hits record low as Türkiye prepares for new cabinet

The pressure on the ringgit against the US dollar is hoped to lessen when the US debt ceiling issue is resolved over the next few days, said Deputy Finance Minister Datuk Seri Ahmad Maslan.

He said the government is awaiting the latest developments on the US debt ceiling issue, which is expected to be resolved in the next five to six days, before taking any action.

Govt hopes pressure on ringgit will ease after US debt ceiling issue is resolved, says Ahmad Maslan

The ringgit traded weaker against the US dollar in the early session on Wednesday (May 31) amid the lack of conviction on the resolution of the US debt limit impasse.  

At 9.05am, the local note eased to 4.6025/6060 versus the greenback compared with Tuesday’s closing of 4.6005/6045.

Ringgit weaker against US dollar in early session

The ringgit closed flat against the greenback today, dampened by external factors as markets await the US debt ceiling vote by the US Congress on Wednesday (May 31).

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