KUALA LUMPUR: The ringgit opened marginally higher against the US dollar in early trade on Monday with the local currency anticipated to remain soft as investors await the Federal Open Market Committee’s 2025 quarterly economic projection.
At 8.02 am, the ringgit stood at 4.4470/4530 against the US dollar from last Friday’s close of 4.4475/4525.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the two-day FOMC meeting which begins tomorrow would be the focus for the week.
“At the moment, a 25 basis point cut has already been priced in but what is more important is 2025 interest rate outlook, especially with the new administration likely to use import tariff to rejuvenate the US economy,” he told Bernama.
Mohd Afzanizam said the US Dollar Index (DXY) remained elevated as it reached 107 points.
Meanwhile, the ringgit traded mostly lower against other major currencies.
It strengthened versus the British pound to 5.6166/6241 from 5.6203/6266 last Friday and slipped against the Japanese yen to 2.8995/9036 from 2.8987/9022.
The local note fell against the euro to 4.6747/6810 from 4.6632/6684 at Friday’s close.
The ringgit traded weaker against ASEAN currencies.
It weakened against the Singapore dollar to 3.2997/3044 from 3.2971/3011 on Friday and declined versus the Thai baht to 13.0334/0621 from 13.0261/0472.
The ringgit was flat against the Indonesian rupiah at 277.7/278.2 since last Friday and was unchanged against the Philippine peso to 7.60/7.62 at last Friday’s close.
-Bernama
-TheStar