KUALA LUMPUR: The ringgit opened lower against the US dollar immediately on the again of potential rate of interest hike within the US, stated a supplier.
At 9 am, the native forex stood at 4.3945/3980 versus the US dollar from Wednesday’s shut of 4.3930/3960.
Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid stated the ringgit is anticipated to commerce range-bound immediately as market gamers await international monetary policymakers’ actions.
“The focus is on the ECB financial coverage resolution slated for immediately. At the identical time overseas alternate gamers are slowed down by rate of interest resolution by main central banks,” he instructed Bernama.
He stated the final consensus is that there wouldn’t be any change to the benchmark rate of interest.
“However, it could be fascinating to see the ECB narratives and the way it could translate into future coverage response which can set the stage for the start of normalising their extreme financial coverage accomodation,” he stated.
In addition, he stated the Federal Open Market Committee (FOMC) assembly will likely be held on June 14 and 15.
Meanwhile, the ringgit was traded blended against a basket of main currencies.
It strengthened against the yen to three.2748/2777 from 3.2837/2862 and rose barely against the Singapore dollar to three.1911/1941 from Wednesday’s shut of three.1928/1952.
However, the native observe depreciated against the British pound to five.5081/5125 from 5.5027/5064 yesterday and eased against the euro to 4.7069/7107 from 4.7027/7059. – Bernama
