KUALA LUMPUR, March 15 — The ringgit ended flat against the US dollar today as investors remained on the sidelines ahead of a possible United States’ (US) interest rate hike, an analyst said.
At 6pm, the local currency stood at 4.2050/2085 versus the greenback from 4.2050/2075 at Monday’s close.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit was traded within a tight range against the greenback despite some correction in the US dollar index today.
He said China’s association with Russia in the Russia-Ukraine war would likely spark another round of sanctions involving the world’s second-largest economy.
“We shall see how the US Federal Open Market Committee (FOMC) would deliberate on the interest rate on March 16, knowing that geopolitical risks in Ukraine are escalating.
“Perhaps, a slightly dovish tone could provide some relief to the market,” he told Bernama.
Meanwhile, the ringgit was traded stronger against a basket of major currencies, except versus the euro, where it eased to 4.6263/6302 from 4.6184/621 at Monday’s close.
The local unit appreciated against the Japanese yen to 3.5642/5674 from 3.5666/5690 yesterday, climbed against the British pound to 5.4833/4879 from 5.4846/4878, and strengthened against the Singapore dollar to 3.0774/0802 versus 3.0815/0838 previously.
— Bernama
