Ringgit opens flat vs US dollar, but firmer against other currencies

KUALA LUMPUR - The ringgit opened almost flat against the US dollar today ahead of Bank Negara Malaysia's (BNM) overnight policy rate (OPR) decision on Thursday, an analyst said.

At 9 am, the local note stood at 4.6450/6525 against the US dollar from 4.6445/6485 at Friday’s close.

Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid said market players are awaiting Reserve Bank of Australia (RBA), Bank of Canada (BoC) as well as BNM’s policy rate decisions; most of them expecting rates to remain status quo.

"Therefore, the divergence in the global monetary policy with the United States Federal Reserve may seem to give the US dollar an upper hand,” he told Bernama.

On that note, he expects the USD/MYR to range between RM4.64 and RM4.66 today.

Meanwhile, the ringgit opened higher against a basket of major currencies.

The local note increased versus the euro to 5.0068/0149 from 5.0388/0432 at Friday’s close, rose against the British pound to 5.8508/8603 from 5.8878/8929 last week and appreciated against the Japanese yen to 3.1778/1832 from 3.1939/1968 previously.

At the same time, the ringgit was traded mostly higher against other Asean currencies.

It was better against the Singapore dollar at 3.4306/4366 from 3.4386/4418 at the close last Friday, gained vis-a-vis the Thai baht to 13.2261/2531 from 13.2677/2852 last week and was firmer against the Philippines’ peso at 8.20/8.21 from 8.21/8.22.

However, it was almost flat against the Indonesian rupiah at 304.7/305.3 from 304.6/305.1 previously. - BERNAMA