tags - Sinar Daily

The ringgit opened slightly higher against the US dollar on Tuesday after the release of US ISM manufacturing purchasing managers' index which came in lower than expected at 46.0 points in June, said an economist.

Photo for illustration purposes only - FILE PIX

Photo for illustration purposes only - FILE PIX

Recent reports indicate that the ringgit has experienced a nearly six per cent decline in the first half of 2023, making it the worst performer among Asian currencies. - FILE PIX by Bernama

Photo for illustrative purpose only - FILE PIX

The ringgit will likely trade in a cautious mode next week with investors eyeing updates on the global economic performance.

Hong Leong Investment Bank Research said in its recent report that it expects the ringgit to have an overall depreciation trend in the second half with an average of USD-MYR 4.67 to reach a 2023 average of 4.56 and year-end target of 4.40.Hong Leong Investment Bank Research said in its recent report that it expects the ringgit to have an overall depreciation trend in the second half with an average of USD-MYR 4.67 to reach a 2023 average of 4.56 and year-end target of 4.40. Photo for illustrative purposes only - 123RF

BNM may sell US dollar forward to intervene as it did in the past

The most active gold contract for August delivery fell US$4.30, or 0.22 per cent, to close at US$1,917.90 per ounce. Photo for illustrative purposes only - 123RF

The move comes after Colombo cut subsidies, doubled taxes and promised to privatise hundreds of state enterprises under a $2.9 billion IMF bailout agreed in March.