KUALA LUMPUR, July 28 — The ringgit opened higher against most major currencies on today but slipped against the US dollar, weighed down by cautious market sentiment amid lingering uncertainty over US-Iran negotiations.
At 8 am, the local currency stood at 4.0850/0900 against the greenback, compared with 4.0835/0875 at yesterday's close.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said expectations of a US interest rate hike were supporting the greenback.
"Traders and investors will be focusing on the US Federal Open Market Committee (FOMC) meeting scheduled for today and tomorrow (July 28 and 29).
"As such, the ringgit-US dollar pair is expected to continue trading within a narrow range today," he told Bernama.
The ringgit traded higher against a basket of major currencies at the opening.
It strengthened against the Japanese yen to 2.4940/4973 from 2.4969/4994 at yesterday's close, appreciated against the euro to 4.6438/6495 from 4.6536/6581, and rose versus the British pound to 5.4281/4348 from 5.4433/4486 previously.
The local currency was mixed against regional currencies.
It strengthened against the Singapore dollar to 3.1627/1669 from 3.1653/1686, and edged up against the Thai baht to 12.1379/1589 from 12.1612/1775 previously.
However, it weakened against the Indonesian rupiah to 226.8/227.2 from 226.7/227.0, and was unchanged against the Philippine peso at 6.62/6.63.
