Ringgit opens steady vs US dollar amid lack of fresh catalysts

Publish date: Tue, 11 Jun 2024, 09:38 AM

KUALA LUMPUR: The ringgit saw little change against the US dollar at the opening as investors remained on the sidelines due to a lack of fresh catalysts.

At 9.06 am, the ringgit stood at 4.7200/7250 against the greenback, compared to Monday's close of 4.7210/7250.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index remains above 105 points ahead of the Federal Open Market Committee (FOMC) meeting, which commences tonight.

"Post-United States (US) Nonfarm Payroll (NFP) results showed that the US dollar remained at the forefront as the Federal Reserve is seen maintaining its restrictive bias and not in a hurry to cut rates, contrasting with its counterparts in Europe.

"On that note, the ringgit versus the greenback is likely to remain in a narrow range as market participants await the FOMC outcome on 12 June," he told Bernama.

At the opening, the ringgit traded mostly lower against a basket of major currencies.

The local unit strengthened against the Japanese yen to 3.0025/0059 from Monday's close of 3.0089/0117, fell against the British pound to 6.0071/6.0135 from 5.9943/9993, and slipped against the euro to 5.0801/0855 from 5.0722/0765.

Meanwhile, the ringgit traded lower against its ASEAN peers.

The local note weakened against the Philippine peso to 8.04/8.05 from 8.03/8.04 at yesterday's close, and inched down against the Singapore dollar to 3.4878/4917 compared with 3.4875/4907.

It also slipped to 298.8/290.3 against the Indonesian rupiah from 289.9/290.3 and declined against the Thai baht to 12.8299/8481 from Monday's close of 12.8211/8372.

  - Bernama

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