KUALA LUMPUR: The ringgit opened lower against the US dollar this morning with the greenback remaining steady as the US Federal Reserve (Fed) kicked off its two-day monetary policy meeting., dealers said.
At 9 am, the local unit stood at 4.2820/2860 against the greenback compared with Tuesday’s close of 4.2800/2840.
A dealer said traders were cautious and all eyes were on the Federal Open Market Committee (FOMC) meeting.
The Fed is widely expected to keep interest rates unchanged after raising it after last month’s meeting.
“The Fed which had unveiled plans to start trimming its balance sheet is expected to do so in September,” added the dealer. Meanwhile, the ringgit was traded higher against other major currencies except the British pound.
It appreciated against the Singapore dollar to 3.1411/1459 from Tuesday’s 3.1431/1472, rose against the Japanese yen to 3.8249/8295 from 3.8399/8446 and improved against the euro to 4.9838/9902 from 4.9879/9934 ,yesterday.
The local unit fell against the British pound to 5.5752/5829 from 5.5696/5761 on Tuesday. -- Bernama