KUALA LUMPUR, Apr 28 — The ringgit traded mostly higher against other major and Asian currencies in early trade today amid cautious sentiment in the currency market.
The domestic unit, however, was little changed against the US dollar as investors adopted a wait-and-see stance ahead of the Federal Open Market Committee’s (FOMC) third meeting of the year, an analyst said.
At 8.18 am, the local currency stood at 3.9505/9550 against the greenback, compared with 3.9505/9545 at Monday’s close.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit was expected to trade within a narrow range today amid cautious market sentiment.
“Traders and investors will be observing the latest assessment by FOMC members when they conclude their two-day meeting on April 29,” he told Bernama.
At the opening, the ringgit appreciated against a basket of major currencies.
It strengthened against the British pound to 5.3482/3543 from 5.3525/3580 at yesterday’s close, rose against the Japanese yen to 2.4791/4821 from 2.4810/4837, and gained against the euro to 4.6316/6368 from 4.6387/6434.
The local currency traded mostly higher against ASEAN peers.
It appreciated against the Singapore dollar to 3.1011/1051 from 3.1018/1052 at yesterday’s close, and rose against the Thai baht to 12.2061/2257 from 12.2129/2309.
The domestic unit was flat against the Indonesian rupiah and the Philippine peso at 229.5/229.8 and 6.50/6.51, respectively.
