The ringgit strengthened to 4.1435/1590 against the US dollar as conflicting Federal Reserve remarks created market uncertainty.
KUALA LUMPUR: The ringgit opened slightly firmer against the US dollar on Monday amid mixed signals from US Federal Reserve officials.
At 8am, the local currency strengthened to 4.1435/1590 versus the greenback from Friday’s close of 4.1460/1495.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said conflicting Fed remarks have created market uncertainty.
“The Boston Fed president appeared reluctant to support a rate cut in December, citing mixed signals from the labour market and inflation risks,” he told Bernama.
“Meanwhile, the New York Fed president suggested that the current monetary policy stance is restrictive, indicating there may be room for a cut in the benchmark interest rate.”
He added that the ringgit is expected to trade in a narrow range between RM4.14 and RM4.15 today.
The ringgit strengthened against the yen to 2.6447/6548 from 2.6453/6479 previously.
It improved versus the euro to 4.7679/7858 from 4.7779/7819 at Friday’s close.
The local note weakened marginally against the British pound at 5.4263/4466 compared with 5.4143/4188.
Against ASEAN currencies, the ringgit traded mixed.
It eased versus the Thai baht to 12.7649/8230 from 12.7601/7759.
The ringgit appreciated against the Indonesian rupiah to 247.8/248.9 from 248.0/248.3.
It remained flat against the Philippine peso at 7.04/7.07 from 7.04/7.05.
The local currency was largely unchanged against the Singapore dollar at 3.1695/1816 compared with 3.1695/1724 on Friday. – Bernama
