A trader wears a hat in support of Republican Donald Trump, after he won the US presidential election, at the New York Stock Exchange in New York November 6, 2024. — Reuters picKUALA LUMPUR, Nov 7 — The ringgit opened slightly higher against the greenback, while the US Dollar Index rose to 105.009 points, a 1.5 per cent increase from the previous day’s close.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said Donald Trump’s return to the US presidency has driven increased demand for the US dollar and equities. President-elect Trump is expected to favour populist measures which could drive higher domestic demand and corporate earnings growth.
“As a result, we can expect emerging market currencies, including the ringgit, to remain subdued and cautious. Tonight’s Federal Open Market Committee meeting will be crucial as market participants closely watch the accompanying statement on interest rate decisions,” he told Bernama.It rose vis-a-vis the British pound to 5.6674/7119 from 5.6751/6841, went up versus the Japanese yen to 2.8500/8727 from 2.8558/8606 yesterday, and appreciated against the euro to 4.7215/7586 from 4.7313/7388.