KUALA LUMPUR: The ringgit was higher against the US dollar in early session today on better demand for the local note, ahead of the release of Bank Negara Malaysia’s Monetary Policy Statement later today.
As at 9.11 am, the ringgit stood at 4.1310/1350 against the greenback from 4.1350/1400 recorded at the close yesterday.
A dealer said market players were expecting BNM to maintain the overnight policy rate at 3.25 per cent, which would maintain the stability of the ringgit versus the US dollar.
“On the other hand, traders are bearish on the outlook for the US dollar this year given the possibility of no rate hikes by the US Federal Reserve this year,” he added.
Meanwhile, the ringgit was traded lower against other major currencies.
It fell against the Singapore dollar to 3.0435/0467 from 3.0420/0461 and declined against the Japanese yen to 3.7705/7756 from 3.7701/7756 yesterday.
The ringgit was lower against the British pound at 5.4062/4119 from 5.3689/3770 and depreciated against the euro to 4.7040/7106 from 4.6949/6026 previously. — Bernama
