KUALA LUMPUR, July 27 — The ringgit ended flat against the US dollar today on lack of buying momentum as traders remained cautious amid market volatility, said an analyst.
At 6 pm, the local currency stood at 4.4570/4590 versus the greenback compared with Tuesday’s close of 4.4570/4585.
SPI Asset Management managing partner Stephen Innes said investors were sitting tight awaiting the Federal Open Market Committee’s forward guidance with the US Federal Reserve (Fed) expected to deliver a 75-basis point rate hike today.
Meanwhile, he said, Asian regional focus today was on the possibility of the US government rolling back some Trump-era tariffs on Chinese imports.
“However, it failed to have any positive impact on Asian currencies with tonight’s Fed decision dominating the sentiment,” he told Bernama
At the close, the ringgit traded mixed against a basket of major currencies.
The local currency advanced versus the Japanese yen to 3.2614/2631 from 3.2628/2644 at Tuesday’s close, and strengthened vis-a-vis the euro to 4.5207/5228 from 4.5341/5356 previously.
However, it fell versus the British pound to 5.3783/3807 from 5.3533/3551 yesterday and slipped against the Singapore dollar to 3.2111/2130 from 3.2104/2119.
— Bernama
