Ringgit gains slightly against dollar ahead of Fed meeting
The Malaysian currency also strengthened against the yen and pound, but slipped against the euro in opening trade.
Malaysia’s ringgit opened slightly firmer on October 26 as investors remained cautious before the US Federal Reserve’s October 27-28 policy meeting. The currency stood at 4.0815/0870 to the US dollar at 8.02am, compared with 4.0835/0875 at the previous Friday’s close.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid told Bernama he expected trading in the ringgit to stay within a narrow range. He noted a 0.2 per cent rise in the US Dollar Index alongside higher US Treasury yields.
He expected sentiment to remain cautious, citing Brent crude at US$116 per barrel and the ongoing West Asia war, which he said was likely to affect global crude oil supplies.
The ringgit’s opening rates showed gains against the yen, at 2.6020/6057 versus 2.6076/6103, and the pound, at 5.4602/4676 versus 5.4633/4687. Against the euro, it weakened to 4.5790/5852 from 4.5735/5780.
Performance against regional currencies was mixed. The baht rate improved to 12.0865/1086 from 12.0985/1154, while the Singapore dollar rate strengthened to 3.1937/1982 from 3.1952/1986. The rupiah rate was little changed at 225.7/226.1, against 225.8/226.1 previously, and the peso rate remained at 6.42/6.43.
