KUALA LUMPUR, Nov 16 — The ringgit was little changed against the US dollar at the close today due to the absence of fresh market catalysts.
At 6pm, the local note slipped to 4.5400/5485 versus the greenback from Tuesday’s close of 4.5390/5465.
SPI Asset Management managing director Stephen Innes said the ringgit was expected to be impacted by the outcome of the United States Federal Reserve’s (Fed) next Federal Open Market Committee (FOMC) meeting.
“The Fed is not stopping the raising of rates but has softened its rate hike approach because inflation is easing; hence the local note might continue to rally to the end of this year,” he told Bernama.
However, Innes said, the ringgit would stop climbing if the Fed hikes were higher than 50 basis points at one of the next two FOMC meetings.
In addition, China’s reopening and positive pivot in its policy measures also put a positive momentum for the ringgit, he said.
At home, the ringgit was traded mixed against a basket of major currencies.
It rose versus the Japanese yen to 3.2561/2624 from 3.2573/2629 at Tuesday’s close and increased against the Singapore dollar to 3.3185/3252 from 3.3194/3252 yesterday.
However, the local currency depreciated vis-à-vis the British pound to 5.4017/4118 from 5.3678/3767 on Tuesday and eased against the euro to 4.7311/7400 from 4.7242/7320 previously.
— Bernama
