Ringgit ends unchanged against US dollar

15 Mar 2019 / 18:58 H.

KUALA LUMPUR: The ringgit ended unchanged against the US dollar today as weak sentiment persisted due to bearish external leads.

At 6pm, the local currency remained at 4.0890/0940.

Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said investors were looking forward to the outcome of the Federal Open Market Committee meeting, scheduled next week from March 19 to 20.

“Based on the interest rate futures contract, the probability of US interest rate cuts has gone up and it is likely to happen at the end of 2019 or early 2020,“ he told Bernama.

On the local front, there is rising expectation that Bank Negara Malaysia might consider reducing the Overnight Policy Rate in the near future as the general consensus was that the Consumer Price Index (CPI) growth may be negative in February.

Against other major currencies, the ringgit was traded lower.

It declined against the Japanese yen to 3.6623/6671 from 3.6594/6648, slipped versus the euro to 4.6287/6360 from 4.6259/6320 on Thursday.

The ringgit also depreciated versus the British pound to 5.4220/4307 from 5.4200/4274 and eased against the Singapore dollar to 3.0197/0245 from 3.0162/3201 yesterday. — Bernama

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