The ringgit opened slightly higher against the US dollar on Wednesday as some Federal Reserve (Fed) officials gave mixed views on interest rates.
At 9:31 am, the ringgit was trading at 3.9250, up 0.13% against the US dollar since opening early Wednesday trading in the Asian session.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid informed that Fed Governor Stephen Miran described yesterday's policy rate as limited and should be lowered to support the United States (US) economy.
He also noted that Richmond Fed President Tom Barkin suggested that last year's interest rate cut was an insurance cut to prevent continued weakness in the US labor market.
Previously, the central bank decided to postpone an interest rate cut at its first meeting in 2026 by maintaining the federal funds rate (FFR) within a range of 3.50 to 3.75%.
At the opening, the ringgit was trading lower against a basket of currencies.
It declined against the British pound to 5.3749/5.3900 from 5.3704/5.3793, depreciated against the euro to 4.6370/4.6500 from 4.6341/4.6417, but rose against the Japanese yen to 2.5189/2.5262 from 2.5210/2.5253 previously.
The ringgit was also mixed against its ASEAN counterparts.
It rose against the Singapore dollar to 3.0898/3.0990 from 3.0919/3.0973, rebounded against the Thai baht to 12.3942/12.4376 from 12.4584/12.4845 and strengthened against the Indonesian rupiah to 234.2/235.0 from 234.5/235.0 previously.
However, it fell against the Philippine peso to 6.71/6.73 from 6.66/6.68 yesterday.
