tags - Sinar Daily

The ringgit is likely to remain within a tight range against the US dollar next week ahead of Bank Negara Malaysia’s annual report on March 29, said an economist.

The ringgit was traded slightly lower against the US dollar in the early session today as some investors took advantage of the weaker greenback, dealers said.

At 9.20am, the local note rose to 4.4370/4405 versus the greenback compared with yesterday’s closing rate of 4.4530/4580.

The ringgit has extended its uptrend against the US dollar this morning in anticipation of softer interest rate hikes in the US, after the latest US inflation data showed a declining trend.

Bursa Malaysia rebounded to open higher on Wednesday, taking its positive cue from Wall Street's performance overnight as traders are betting that the aftermath of the recent bank failures in the US may have been averted, said an analyst.

Economy Minister Rafizi Ramli - FILEPIC

SPI Asset Management managing director Stephen Innes said for now, risks appear skewed towards a hawkish pivot on interest rates by the US Federal Reserve (Fed).

The ringgit opened marginally higher against the US dollar today, recovering from its sharp fall yesterday after the US dollar surged due to the likelihood of the United States (US) Federal Reserve (Fed) raising the interest rate.

Siti Bainun- Bernama Pix

The ringgit opened marginally higher against the US dollar today as the greenback took a breather following a small pullback in Treasury yields yesterday and ahead of the United States Fed's Semiannual Monetary Report to Congress.