KUALA LUMPUR: The ringgit opened flat against the US dollar on Thursday as investors adopted a cautious stance ahead of crucial US inflation data.
At 8 am, the local currency maintained its position at 4.2335/2365, matching yesterday’s closing rate.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid predicted the ringgit could trade between RM4.22 and RM4.24 today due to potential profit-taking activities.
“The US Dollar Index (DXY) was generally hovering around 98 points as traders remain anxious about the US Federal Reserve (Fed) next move in September.
“Federal Reserve Bank of Richmond Tom Barkin indicated that he foresees modest adjustment in the interest rates in the next meeting as he expects small variation in the economy,” Mohd Afzanizam told Bernama today.
The ringgit experienced declines against most major currencies during early trading sessions.
It slipped versus the euro to 4.9312/9347 from 4.9058/9093 at Wednesday’s close, fell vis-à-vis the Japanese yen to 2.8737/8759 from 2.8591/8611, and weakened against the British pound to 5.7169/7210 from 5.6890/6930.
The local currency also showed weakness against most ASEAN counterparts during morning trading.
The local note weakened versus the Singapore dollar to 3.2940/2966 from 3.2843/2869 yesterday and declined against the Thai baht to 13.0631/0784 from 13.0330/0474.
The ringgit was flat against the Philippine peso and the Indonesian rupiah at at 7.40/7.41 and 258.6/258.9, respectively. – Bernama