Ringgit almost unchanged in opening against US dollar

Ringgit almost unchanged in opening against US dollar

KUALA LUMPUR,. The ringgit opened almost unchanged against the US dollar this morning as investors adopt a wait-and-see attitude awaiting the outcome of the two-day US Federal Reserve meeting, a dealer said.

At 9am, the local currency stood at 4.1350/1400 against 4.1350/1390 recorded at 6pm yesterday.

The dealer said the meeting could offer direction on future interest rate hikes thus influencing the greenback’s movement, which has started to show a downward pattern.

“There is optimism in the market on the third rate hike of the year as inflation mounts and the economy grows,” the dealer said.

The meeting will end later today.

At their meeting last month, the US policymakers said another rate hike was likely to be appropriate “soon.”

Meanwhile, the ringgit traded mixed versus other major currencies.

It rose against the yen to 3.6609/6657 from 3.6638/6677 yesterday and strengthened against the euro to 4.8628/8691 from 4.8644/8699.

The ringgit, however, depreciated vis-a-vis the Singapore dollar to 3.0280/0321 from yesterday’s 3.0273/0309 and weakened against the British pound to 5.4479/4561 from 5.4400/4465. — Bernama