KUALA LUMPUR, March 2 — The ringgit opened slightly higher against the US dollar amid growing expectations that Bank Negara Malaysia (BNM) and the US Federal Reserve would cuts interest rates soon.
The local note stood at 4.2100/2150 against the greenback from 4.2120/2180 recorded at 6 pm Friday.
AxiCorp chief market strategist Stephen Innes said BNM could cut its policy rate by 25 basis points during the Monetary Policy Committee (MPC) meeting tomorrow.
“And repricing expectations for lower growth not just in the first quarter, but also in second quarter as the impact from the Covid-19 outbreak and ongoing political uncertainty weighs on economic growth structures” he added.
— Bernama
