Ringgit ends mixed ahead of Fed meeting

 Investors stayed cautious ahead of the US Federal Reserve’s policy meeting, says analyst.

KUALA LUMPUR:

The ringgit closed lower against the US dollar but strengthened against most major and Asean currencies today as investors remained cautious ahead of the US Federal Reserve’s (Fed) policy meeting, an analyst said.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said that US president Donald Trump’s hawkish stance towards Iran also pointed to upside risks to crude oil prices.

“This is a critical backdrop for the US Federal Open Market Committee members as they deliberate their decision on Oct 28, especially their views on the risk of higher inflation going forward,” he told Bernama.

At 6pm, the ringgit eased to 4.0855/4.0895 against the greenback from Friday’s close of 4.0835/4.0875.

Against major currencies, the ringgit strengthened versus the British pound to 5.4517/5.4570 from 5.4633/5.4687 at Friday’s close and was up against the Japanese yen to 2.5961/2.5988 from 2.6076/2.6103.

However, it weakened against the euro to 4.5774/4.5819 from 4.5735/4.5780 previously.

The ringgit also gained against its Asean peers, strengthening against the Singapore dollar to 3.1920/3.1954 from 3.1952/3.1986, and the Indonesian rupiah to 225.3/225.5 from 225.8/226.1.

It also advanced against the Thai baht to 12.0766/12.0930 from 12.0985/12.1154 and increased versus the Philippine peso to 6.39/6.40 from 6.42/6.43 previously. - FMT