tags - Sinar Daily

Economists are projecting a better outlook for the ringgit in the second quarter (Q2) of 2023 amid the country's relatively resilient economic outlook.

Kenanga Research foresees that Bank Negara Malaysia has reached the end of its monetary tightening cycle and will keep the OPR unchanged at 2.75 per cent for the rest of the year.

Property recovery is slow as expected due to higher interest rates and higher housing prices as building materials like steel and cement spiked exacerbated by the lack of foreign labour.

The ringgit was traded slightly lower against the US dollar in the early session today as some investors took advantage of the weaker greenback, dealers said.

At 9.20am, the local note rose to 4.4370/4405 versus the greenback compared with yesterday’s closing rate of 4.4530/4580.

The Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah inspecting the parade at the 216th Police Day Commemoration Ceremony of 2023 at the Kuala Lumpur Police Training Center today. Also present was the Chief of Police Tan Sri Acryl Sani Abdullah Sani. - BERNAMA

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The ringgit has extended its uptrend against the US dollar this morning in anticipation of softer interest rate hikes in the US, after the latest US inflation data showed a declining trend.

Bursa Malaysia rebounded to open higher on Wednesday, taking its positive cue from Wall Street's performance overnight as traders are betting that the aftermath of the recent bank failures in the US may have been averted, said an analyst.