KUALA LUMPUR: The ringgit opened easier against the US dollar on Monday as investors remained on the sidelines in anticipation of a number of significant global events and data points, including the upcoming Federal Open Market Committee (FOMC) meeting.
At 9am, the ringgit eased to 4.7715/4.7810 against the greenback from Friday’s close of 4.7650/4.7710.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the FOMC is set to meet on April 30 and May 1, and markets are expecting no change in rates and the committee’s tone.
“On that note, the ringgit is likely to stay weak and the US dollar is expected to remain strong relative to other major economies’ currencies,” he noted.
The ringgit traded mostly higher against a basket of major currencies.
The ringgit gained versus the Japanese yen to 3.0154/3.0216 from 3.0408/3.0451 at Friday’s close and improved against the euro to 5.1098/5.1200 from 5.1157/5.1221 at the end of last week, but it slipped vis-a-vis the British pound to 5.9711/5.9829 from 5.9644/5.9719 previously.
The ringgit was traded mixed against Asean currencies.
It appreciated versus the Thai baht to 12.8782/12.9084 from 12.8902/12.9120 last Friday and edged up vis-a-vis the Indonesian rupiah to 294.3/295.0 from 293.9/294.4.
However, it declined against the Philippine peso to 8.27/8.29 from 8.26/8.27 on Friday and fell versus the Singapore dollar to 3.5033/3.5105 from 3.5021/3.5068 previously. - FMT
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