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Ringgit opens flat ahead of OPR decision later this week

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Ringgit opens flat ahead of OPR decision later this week

KUALA LUMPUR: The ringgit opened flat in the present day towards the US greenback ahead of the Bank Negara Malaysia (BNM) Monetary Policy Committee (MPC) assembly scheduled this week though demand for the buck remained sturdy resulting from its safe-haven standing, an analyst stated.

At 9 am, the native forex stood at 4.4060/4100 towards the US greenback in contrast with 4.4060/4085 on the shut on Friday.

Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid stated the ringgit was anticipated to stay steady at round RM4.40 in the present day.

“The risk of the next Overnight Policy Rate (OPR) this week might maintain the worth of the ringgit.

“The detrimental actual price of curiosity for the time being might inspire BNM to boost the OPR as a way to incentivise savers to put their financial savings in financial institution deposits and to keep away from extreme risk-taking behaviour,” he advised Bernama.

However, SPI Asset Management managing accomplice Stephen Innes opined that ongoing world development considerations might dampen enthusiasm for the ringgit.

“In a slower world development setting, rising market currencies, and particularly commodity exporters, are likely to commerce weaker through the preliminary section of the downturn,” he stated.

The ringgit traded decrease towards a basket of main currencies besides the Singapore greenback.

The native forex was decrease towards the British pound at 5.3326/3374 towards Friday’s shut of 5.3163/3193, weakened versus the Japanese yen to three.2644/2676 from 3.2483/2504 beforehand, and fell vis-a-vis the euro to 4.5963/6005 from 4.5060/6086.

However, it appreciated towards the Singapore greenback to three.1550/1583 from 3.1596/1618 final Friday. – Bernama



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