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Ringgit sees little change against US dollar at opening with lack of fresh catalysts | Scoop
The ringgit has traded mostly lower against a basket of major currencies at the opening today. – Alif Omar/Scoop file pic, June 11, 2024
News

Ringgit sees little change against US dollar at opening with lack of fresh catalysts

Local note v greenback likely to remain in narrow range as markets await FOMC meeting, says economist

Bernama
Updated
10:19 AM MYT

 

KUALA LUMPUR – The ringgit saw little change against the US dollar at the opening today as investors remained on the sidelines due to a lack of fresh catalysts.

At 9.06am, the ringgit stood at 4.7200/7250 against the greenback, compared to yesterday’s close of 4.7210/7250.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US dollar index remained above 105 points ahead of the Federal Open Market Committee (FOMC) meeting, which commences tonight.

“Post-US Nonfarm Payroll results showed that the US dollar remained at the forefront as the Federal Reserve is seen maintaining its restrictive bias and not in a hurry to cut rates, contrasting with its counterparts in Europe.

“On that note, the ringgit versus the greenback is likely to remain in a narrow range as market participants await the FOMC outcome on 12 June,” he said.

At the opening, the ringgit traded mostly lower against a basket of major currencies.

The local unit strengthened against the Japanese yen to 3.0025/0059 from yesterday’s close of 3.0089/0117, fell against the British pound to 6.0071/6.0135 from 5.9943/9993, and slipped against the euro to 5.0801/0855 from 5.0722/0765.

Meanwhile, the ringgit traded lower against its Asean peers.

The local note weakened against the Philippine peso to 8.04/8.05 from 8.03/8.04 at yesterday’s close, and inched down against the Singapore dollar to 3.4878/4917 compared with 3.4875/4907 yesterday.

It also slipped to 298.8/290.3 against the Indonesian rupiah from 289.9/290.3 and declined against the Thai baht to 12.8299/8481 from yesterday’s close of 12.8211/8372. – June 11, 2024

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