THE ringgit rose against the US dollar in the early session today following the positive developments on the US debt limit negotiations.

At 9am, the local note rose to 4.6070/6110 versus the greenback from yesterday’s closing of 4.6105/6155.

However, Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid said cautious sentiments may prevail in the foreign exchange market today, adding that the US dollar/ringgit pair should stay around RM4.60-RM4.61.

Meanwhile, the ringgit was traded lower against a basket of major currencies.

It went down to 3.3099/3130 against the Japanese yen from 3.2951/2989 at yesterday’s closing, declined against the euro to 4.9230/9273 from 4.9208/9261 previously and depreciated versus the British pound to 5.7302/7352 from 5.6986/7048 yesterday.

The local note was also traded lower against other Asean currencies.

The ringgit fell against the Thai baht to 13.2839/3016 from 13.2440/2641 yesterday and slid against the Singapore dollar to 3.4065/4100 from 3.4036/4075 previously.

It was almost flat against the Indonesian rupiah at 307.1/307.6 from 307.4/307.9 yesterday and slightly higher against the Philippine peso to 8.19/8.21 from 8.20/8.22 previously. – Bernama, June 1, 2023.