Ringgit Stronger Against Major & Asian Currencies

thecekodok


The local currency was trading higher against major global and Asian currencies amid cautious sentiment in the broader market.


At 11am, the ringgit was trading at 3.9470, up 0.08% since it opened early Tuesday in the Asian session.


However, the domestic unit was little changed against the US dollar as investors took a wait-and-see stance ahead of the third Federal Open Market Committee (FOMC) meeting this year, said an analyst.


Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit is expected to trade in a narrow range today amid cautious market sentiment.


At the opening, the ringgit appreciated against a basket of major currencies.


It rose against the British pound to 5.3482/3543 from 5.3525/3580 at Monday's close, was higher against the Japanese yen to 2.4791/4821 from 2.4810/4837 on Monday, and fell against the euro to 4.6316/6368 from 4.6387/6434 on Monday.


The local currency traded mostly higher against its ASEAN counterparts.


It rose against the Singapore dollar to 3.1011/1051 from 3.1018/1052 at Monday's close, and rose against the Thai baht to 12.2061/2257 from yesterday's close of 12.2129/2309.


The domestic unit was unchanged against the Indonesian rupiah and Philippine peso at 229.5/229.8 and 6.50/6.51 respectively.

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