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Ringgit opens higher, on track to RM4.50 target against US dollar by year-end | Scoop
At 9am, the ringgit rose to 4.7070/7105 against the US dollar from yesterday’s close of 4.7335/7400. – Scoop pic, March 21, 2024
News

Ringgit opens higher, on track to RM4.50 target against US dollar by year-end

This, as FOMC keeps Federal Funds Rate steady at 5.50%, further strengthening local note

Bernama
Updated
10:41 AM MYT

 

KUALA LUMPUR – The ringgit opened higher against the US dollar today after the US Federal Open Market Committee (FOMC) opted to keep the Federal Funds Rate (FFR) steady at 5.50%, which further strengthens the local note.

At 9am, the ringgit rose to 4.7070/7105 against the greenback from yesterday’s close of 4.7335/7400.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the FOMC decision suggested that both United States businesses and consumers are facing challenges in meeting their debt obligations, potentially leading to a deterioration in their repayment patterns if not addressed promptly.

“Consequently, a cut in the FFR is warranted and that could weaken the US dollar. This could bolster the value of the ringgit.

“With this in mind, we are reiterating our forecast for the US dollar to ringgit exchange rate to reach RM4.50 by the end of the year,” he said.

Afzanizam explained that the FOMC carried sentiments from the prior meeting as the committee reiterated its view of the economy’s robust growth trajectory, coupled with a gradual easing of inflation rates that, albeit reduced, persisted above their targeted 2% threshold.

“A focal point of significance in this meeting lies in the Federal Reserve (Fed) dot plot, illustrating the range of FFR projections among Fed members. Notably, the latest projections suggest a more cautious stance,” he added.

Afzanizam emphasised that FOMC members continue to exercise caution regarding inflation risks while maintaining a resolute stance on potential rate adjustments this year.

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

It slipped vis-a-vis the Japanese yen to 3.1261/1287 from 3.1207/1252 yesterday and declined versus the euro to 5.1466/1505 from 5.1306/1377 previously and it slid against the British pound to 6.0226/0271 from 6.0082/0165.

The ringgit was traded mostly higher against other Asean currencies, with the local note up against the Singapore dollar to 3.5169/5198 from yesterday’s 3.5204/5255, appreciated vis-a-vis the Philippine peso to 8.40/8.42 from 8.43/8.45 previously and was stronger against the Indonesian rupiah at 299.3/299.6 from 301.0/301.5.

But it was easier versus the Thai baht at 13.0997/1146 from 13.0821/1048 at yesterday’s close. – March 21, 2024

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