Ringgit slips versus US dollar, closes higher against major currencies

 The ringgit has remained relatively stable despite heightened uncertainty over rising oil prices and the upcoming Federal Open Market Committee’s interest rate decision, says an analyst.

KUALA LUMPUR:

The ringgit closed higher against major currencies, but eased against the US dollar on Tuesday, amid anticipation of the US Federal Open Market Committee’s (FOMC) policy decision this week, an analyst said.

At 6pm, the ringgit inched down to 4.0865/4.0900 against the US dollar from Monday’s close of 4.0855/4.0895.

Meanwhile, Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said Brent crude prices remain elevated at around US$116 per barrel, suggesting a fairly visible risk of higher inflation that could affect the FOMC’s monetary policy stance.

“For now, the ringgit has been quite steady despite heightened uncertainties,” he told Bernama.

Against major currencies, the ringgit strengthened against the British pound to 5.4412/5.4458 from 5.4517/5.4570 at Monday’s close, advanced vis-a-vis the Japanese yen to 2.5903/2.5927 from 2.5961/2.5988 and climbed against the euro to 4.5524/4.5563 from 4.5774/4.5819.

The ringgit was also mostly higher against its Asean peers.

It rose against the Singapore dollar to 3.1883/3.1913 from 3.1920/3.1954 at Monday’s close, and increased against the Indonesian rupiah to 225.0/225.3 from 225.3/225.5.

It also gained against the Philippine peso to 6.36/6.37 from 6.39/6.40, but weakened against the Thai baht to 12.1010/12.1160 from 12.0766/12.0930 previously. - FMT