Investors remained cautious ahead of the Federal Reserve’s Federal Open Market Committee meeting, says analyst.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the ringgit traded mostly within a tight range against the US dollar during the day.
“Investors remained cautious ahead of the Federal Open Market Committee meeting scheduled for July 28 and 29,” he told Bernama.
Afzanizam noted that crude oil prices fell after the US and Iran halted hostilities over the weekend, with West Texas Intermediate crude sliding 6.98% to US$83.08 (RM339.42) per barrel, while Brent crude fell 7.94% to US$89.10 (RM364.02) per barrel.
“Nevertheless, it is still too early to assess the situation, as developments remain highly fluid,” he cautioned.
At 6pm, the ringgit climbed to 4.0835/4.0875 against the greenback from Friday’s close of 4.0885/4.0935.
The ringgit traded higher against a basket of major currencies at the close today.
It edged up against the Japanese yen to 2.4969/2.4994 from 2.4976/2.5008 last Friday, appreciated vis-a-vis the euro to 4.6536/4.6581 from 4.6556/4.6613, and rose versus the British pound to 5.4433/5.4486 from 5.4442/5.4509 previously.
The ringgit traded mixed against regional currencies.
It strengthened against the Indonesian rupiah to 226.7/227.0 from 227.6/227.9 and advanced versus the Singapore dollar to 3.1653/3.1686 from 3.1667/3.1708 previously.
However, the local currency weakened vis-a-vis the Thai baht to 12.1612/12.1775 from 12.1414/12.1606 and eased against the Philippine peso to 6.62/6.63 from 6.61/6.62 last Friday. - FMT
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