Ringgit opens almost flat versus US dollar

KUALA LUMPUR: The ringgit opened almost flat against the greenback as the United States Federal Reserve (Fed) is anticipated to maintain its hawkish monetary policy stance.

At 9.05 am, the local note eased to 4.6835/6890 against the United States (US) dollar from Thursday's close of 4.6825/6850.

Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid told Bernama that the consensus anticipate the United States Federal Reserve to maintain its hawkish stance in its monetary policies.

As such, he expects the ringgit to remain weak versus the US dollar.

Conversely, the ringgit was traded higher against a basket of major currencies.

It appreciated against the Japanese yen to 3.1759/1798 from 3.1769/1789 at the close on Thursday, rose against the British pound to 5.8132/8200 from 5.8405/8436 yesterday and edged up against the euro at 4.9842/9900 from 5.0234/0261 previously.

At the same time, the local note traded mixed against other Asian currencies.

It appreciated vis-à-vis the Singapore dollar to 3.4326/4369 from 3.4402/4423 at Thursday's close and was up against the Philippines' peso at 8.24/8.26 from 8.25/8.26 previously.

It was almost unchanged against the Indonesian rupiah at 304.9/305.5 from 304.9/305.2 yesterday and depreciated against the Thai baht to 13.0897/1109 from 13.0792/0902 previously.



TAGS: Ringgit, US dollar, Fed, hawkish, Mohd Afzanizam Abdul Rashid

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