tags - Sinar Daily

The ringgit opened higher against the US dollar on Friday, buoyed by the increase in OPR to 3.00 per cent, but the ringgit-dollar pair is projected to trade in a narrow range as risk-off mode leads to increased demand for the greenback.

BNM has raised the OPR by 25 basis points to 3.00 percent.

The ringgit opened higher against the US dollar on Tuesday amid a weakening greenback against major currencies.

The ringgit rose against the US dollar in the early session today as the United States Federal Reserve officials continued their hawkish stance, favouring another 25 to 75 basis points interest rate hike in the near term.

Bursa Malaysia opened lower today due to the possibility of yet another interest rate hike by the United States (US) Federal Reserve during the next Federal Open Market Committee (FOMC) meeting in early May, said an analyst.

The ringgit continued to slide against the US dollar in the early session today as the local currency remained in an overbought position ahead of an expected rise in US interest rates in May, said an analyst.

The ringgit opened higher against a weaker US dollar on Thursday, following the release of the United States (US) inflation data, said an analyst.

Interest for beaten down counters is set to boost Bursa Malaysia’s performance with the main index expected to trade within the 1,420-1,440 level next week, said Rakuten Trade Sdn Bhd.

The ringgit is likely to trade on a bullish bias next week, below the RM4.40 level within the 4.3925-4.4175 range against the US dollar, said an analyst.

Economists are projecting a better outlook for the ringgit in the second quarter (Q2) of 2023 amid the country's relatively resilient economic outlook.