KUALA LUMPUR: The ringgit opened slightly higher on Wednesday as investors awaited key US labour market data that could influence Federal Reserve policy decisions.
At 8 am, the local currency rose to 4.2255/2370 against the US dollar compared to yesterday’s closing rate of 4.2270/2350.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that expectations for a 25 basis point rate cut remain elevated despite mixed signals from economic data and Federal Reserve officials.
“Tonight, the Job Opening and Labour Turnover Survey (JOLTS) will be published, with consensus estimates pegged at 7.39 million job openings in July compared with 7.437 million in June,” he told Bernama.
He observed that the ringgit had declined by 0.13% against the US dollar to RM4.2310 during the previous trading session.
The ringgit also strengthened against other major currencies during the morning session.
It appreciated against the Japanese yen to 2.8437/8519 from Tuesday’s rate of 2.8451/8507 while gaining against the British pound to 5.6541/6695 from 5.6638/6745.
The local currency advanced against the euro to 4.9155/9289 compared to yesterday’s rate of 4.9194/9287.
Most ASEAN currencies also weakened against the ringgit during the morning trading session.
It edged higher against the Indonesian rupiah to 257.4/258.2 from 257.5/258.1 and strengthened against the Singapore dollar to 3.2776/2870 from 3.2808/2873.
The ringgit firmed against the Philippine peso to 7.34/7.37 from yesterday’s closing rate of 7.35/7.37.
It declined against the Thai baht to 13.0691/13.1120 from yesterday’s rate of 13.0459/0762. – Bernama