KUALA LUMPUR, July 14 \u2014 The ringgit opened higher against the US dollar today,\u00a0amid uncertainties in the Strait\u00a0of Hormuz, which lifted\u00a0global crude oil prices, an analyst said.<\/p>\n
At 8am, the local currency edged up\u00a0to 4.0675\/0730\u00a0versus the greenback from 4.0680\/0730 at yesterday\u2019s close.<\/p>\n
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the situation in the Strait of Hormuz will be the main focus now, with crude oil prices such as WTI and Brent having risen by 9.42 per cent and 9.35 per cent to US$78.14 per barrel and US$83.12 per barrel, respectively.<\/p>\n
Meanwhile, he said the two- and 10-year US Treasury bonds yielded higher by eight and six basis points to 4.28 per cent\u00a0and 4.62 per cent, respectively, as inflation is expected to trend higher, reinforcing the view that the US Federal Reserve\u00a0might raise the policy rate this year.\u00a0<\/p>\n
\u201cSuch a premise has bolstered the US dollar index (DXY) to 101.276 points.\u00a0<\/p>\n
\u201cAgainst such a backdrop, emerging market currencies, including the ringgit, are expected to be volatile in the near term; hence, the ringgit-dollar would range between 4.07 and 4.10 today,\u201d he told Bernama.<\/p>\n
At the opening, the ringgit traded higher against a basket of major currencies.<\/p>\n
It appreciated versus the Japanese yen to 2.5040\/5075 from 2.5110\/5142 at Monday\u2019s close, strengthened against the British pound to 5.4297\/4370\u00a0from 5.4475\/4542, and increased vis-a-vis the euro to 4.6296\/6359 from 4.6501\/6558\u00a0previously.<\/p>\n
The ringgit was traded mixed\u00a0against Asean currencies.<\/p>\n
It rose against the Singapore dollar to 3.1417\/1464 from yesterday\u2019s close of 3.1489\/1530,\u00a0and was firmer against the Thai baht to 12.1396\/1618 from 12.1953\/2151 previously.\u00a0<\/p>\n
However, the local note\u00a0was unchanged against the Indonesian rupiah at 224.6\/225.0 and flat against the Philippine peso at 6.60\/6.62 from yesterday\u2019s close.\u00a0\u2014\u00a0Bernama<\/p>\n
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