THE ringgit opened higher against the US dollar and other major currencies today as financial markets closely watch two upcoming events – the US Federal Open Market Committee meeting tomorrow and Bank Negara Malaysia’s Monetary Policy Committee conference on Thursday.

At 9.05am, the ringgit rose to 4.7575/7625 against the greenback from Friday’s close of 4.7750/7800.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said based on general consensus among experts, it is anticipated the United States Federal Reserve will maintain the fund rate at 5.50%.

“This expectation is partly influenced by the latest core personal consumption expenditures data, which indicated a decrease in inflationary pressure to 3.7% in September.

“Similarly, market consensus suggests BNM will likely keep its interest rate steady at 3%,” he said.

He said the local currency is expected to stay within a narrow range versus the US dollar today.

The local note traded mostly higher today against other Asean currencies..

The ringgit rose against the Japanese yen to 3.1759/1795 from 3.1827/1862 at the close on Friday, edged up against the euro to 5.0253/0306 from 5.0438/0491, and increased versus the British pound to 5.7618/7679 from 5.7945/8005 previously.

The local note was traded mostly higher against other Asean currencies.

It appreciated against the Singapore dollar to 3.4729/4768 from 3.4867/4906 at Friday’s close, strengthened against the Indonesian rupiah at 298.4/298.9 from 299.5/300.0, and higher vis-à-vis against the Philippine peso at 8.36/8.38 from 8.38/8.39 at previous close.

It depreciated against the Thai baht to 13.1849/2031 from 13.1808/2008 at Friday’s close. – Bernama, October 30, 2023.