KUALA LUMPUR, Sept 12 — The ringgit opened slightly higher against the US dollar and other major currencies on the rising expectation that the US Federal Reserve (Fed) would not raise interest rates when it meets next week.
At 9.05am, the local unit climbed to 4.6720/6770 against the greenback from Monday’s close of 4.6725/6760.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US Federal Reserve will release its quarterly forecasts after the meeting on Sept 19-20.
“The forecasts will provide more insight into their future monetary policy direction for the near term and next year. While the Fed may also maintain its current stance, market sentiment remains uncertain this time,” he told Bernama.
He reckons that the ringgit will continue to hover in the range of RM4.66 to RM4.68 to the greenback.
The ringgit traded mostly higher against a basket of other major currencies.
It rose against the British pound to 5.8414/8477 from 5.8551/8595 at Monday’s close and climbed against the Japanese yen to 3.1852/1888 from 3.1855/1881.
However, the ringgit depreciated against the euro to 5.0187/0240 from 5.0145/0183 previously.
The local note also traded mostly firmer against other Asean currencies.
It gained vis-a-vis the Singapore dollar to 3.4313/4354 from 3.4334/4362 at Monday’s close, improved against the Thai baht to 13.1339/1528 from 13.1583/1755 and was slightly better against the Philippine peso at 8.23/8.25 from 8.24/8.25.
It traded almost unchanged against the Indonesian rupiah at 304.7/305.2 from 304.7/305.1, previously.
— Bernama
