The ringgit opens marginally stronger against the US dollar as traders await the US Federal Reserve’s interest rate decision
KUALA LUMPUR: The ringgit opened marginally higher against the US dollar on Wednesday as traders adopted a cautious stance ahead of a key US Federal Reserve meeting.
At 8 am, the local currency strengthened to 4.1200/1300 versus the greenback from Tuesday’s close of 4.1275/1330.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is expected to trade within a narrow range due to a lack of fresh catalysts.
He noted the US Dollar Index fell 0.06% to 99.357 points as markets price in a more than 90% probability of an interest rate cut.
“Today, expect the ringgit to linger between RM4.12 and RM4.13,” he told Bernama.
The ringgit appreciated against the British pound to 5.4466/4599 from 5.4528/4667.
It was slightly firmer against the euro at 4.7907/8024 compared to 4.7916/8038 and strengthened versus the Japanese yen to 2.6451/6517 from 2.6545/6616.
The local note traded mixed against other ASEAN currencies.
It gained against the Singapore dollar to 3.1788/1870 from 3.1836/1919 and strengthened against the Thai baht to 12.8625/9058 from 12.8868/9296.
However, it dipped against the Indonesian rupiah to 247.8/248.5 from 247.6/248.4 and was little changed against the Philippine peso at 7.04/7.06 from 7.05/7.07. – Bernama
