Ringgit edges higher against dollar ahead of US vote results
Investors are also awaiting Bank Negara Malaysia’s monetary policy decision, while the ringgit strengthened against regional currencies.
The ringgit made a small gain against the US dollar at Wednesday’s opening, reaching 4.0730/0795 at 8am compared with 4.0735/0775 at Tuesday’s close. Investors remained cautious ahead of US midterm election results and Bank Negara Malaysia’s Monetary Policy Committee meeting, an economist said.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that the US vote and Malaysia’s monetary policy decision were drawing traders’ attention. He expected cautious sentiment to keep the ringgit within a narrow trading range, and said living costs, particularly petrol prices, were likely to influence US voters.
The ringgit’s performance against other major currencies was mixed. It strengthened against the yen, moving to 2.5702/5745 from 2.5762/5789. Against the euro, it weakened to 4.5646/5719 from 4.5587/5631, while its pound quotation slipped to 5.4713/4800 from 5.4658/4712.
Regional currency trading brought broader gains for the ringgit. Its baht rate improved to 12.0606/0888 from 12.0696/0858, and its rupiah quotation rose to 224.2/224.7 from 224.3/224.6. It also advanced against the Philippine peso to 6.41/6.43 from 6.42/6.43, while strengthening against the Singapore dollar to 3.1805/1861 from 3.1807/1841.
