tags - Sinar Daily

Prime Minister Datuk Seri Anwar Ibrahim at the 42nd Asean Summit 2023, today. - BERNAMA

In this file photo taken on March 17, 2020, Syrian refugees stand ion the balcony of a building under construction which they have been using as shelter in the city of Sidon in southern Lebanon. - Syrians poured into Lebanon after civil war broke out in 2011 with Damascus's brutal suppression of peaceful protests. With the regime now back in control of most of the country, calls have intensified in crisis-hit Lebanon for Syrians to go home. - Pic: AFP

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 government remains committed to implementing policies that can bolster the nation’s economic growth and competitiveness to attract funds that will strengthen the international reserves and the ringgit.

Kenanga Research foresees that Bank Negara Malaysia has reached the end of its monetary tightening cycle and will keep the OPR unchanged at 2.75 per cent for the rest of the year.

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.

SIngapore bay front - FILEPIC

The ringgit maintained its positive momentum against the US dollar in early trade today, as continued global uncertainties prompted more investors to shift towards emerging currencies, including the ringgit, a dealer said.