The ringgit rose against the US dollar in early trade on Wednesday, bolstered by a weaker US dollar index (DXY) and a drop in US Treasury yields, signalling persistent risk-off sentiment.<\/p>\n
At 8am, the local note strengthened to 4.2120\/2300 versus the greenback from Tuesday’s close of 4.2285\/2360.<\/p>\n
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said market sentiment remained fragile amid heightened economic uncertainty.<\/p>\n
“Traders and investors are observing the US Federal Open Market Committee’s assessment of current economic conditions ahead of its policy decision tonight,” he said.<\/p>\n
He noted that the ringgit experienced profit-taking after its sharp gains against the US dollar on Tuesday, amid lingering uncertainties.<\/p>\n
“Given that, we expect the ringgit to stay within a narrow range as market participants await the FOMC outcome tonight. Consensus expects no change to the US Fed Funds Rate, which currently stands at 4.50 per cent,” he added.<\/p>\n
The ringgit also traded higher against a basket of major currencies at the opening.<\/p>\n
It advanced against the Japanese yen to 2.9434\/9564 from 2.9502\/9556 at Tuesday’s close, rose vis-\u00e0-vis the euro to 4.7764\/7968 from 4.7824\/7909, and strengthened against the British pound to 5.6234\/6475 from 5.6302\/6402.<\/p>\n
Similarly, the ringgit performed better against its Asean peers.<\/p>\n
It appreciated versus the Singapore dollar to 3.2674\/2821 from 3.2749\/2812, and climbed against the Thai baht to 12.8922\/9611 from 12.9399\/9700.<\/p>\n
The ringgit was also higher against the Philippine peso at 7.57\/7.61 from 7.60\/7.62, and firmed versus the Indonesian rupiah to 256.0\/257.2 from 257.0\/257.6.<\/p>","protected":false},"excerpt":{"rendered":"
The ringgit rose against the US dollar in early trade on Wednesday, bolstered by a weaker US dollar index (DXY) and a drop in US Treasury yields, signalling persistent risk-off sentiment. At 8am, the local note strengthened to 4.2120\/2300 versus the greenback from Tuesday’s close of 4.2285\/2360. Bank Muamalat Malaysia Bhd chief economist Dr Mohd […]<\/p>","protected":false},"author":2,"featured_media":1736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.elitecommunicationpr.com\/zh\/wp-json\/wp\/v2\/posts\/1735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.elitecommunicationpr.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.elitecommunicationpr.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.elitecommunicationpr.com\/zh\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.elitecommunicationpr.com\/zh\/wp-json\/wp\/v2\/comments?post=1735"}],"version-history":[{"count":1,"href":"https:\/\/www.elitecommunicationpr.com\/zh\/wp-json\/wp\/v2\/posts\/1735\/revisions"}],"predecessor-version":[{"id":1737,"href":"https:\/\/www.elitecommunicationpr.com\/zh\/wp-json\/wp\/v2\/posts\/1735\/revisions\/1737"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.elitecommunicationpr.com\/zh\/wp-json\/wp\/v2\/media\/1736"}],"wp:attachment":[{"href":"https:\/\/www.elitecommunicationpr.com\/zh\/wp-json\/wp\/v2\/media?parent=1735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.elitecommunicationpr.com\/zh\/wp-json\/wp\/v2\/categories?post=1735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.elitecommunicationpr.com\/zh\/wp-json\/wp\/v2\/tags?post=1735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}