Ringgit opens flat against US dollar in wait-and-see mode

Ringgit opens flat against US dollar in wait-and-see mode

KUALA LUMPUR: The ringgit opened flat against the US dollar today as investors opted for a wait-and-see attitude on the latest economic assessment by the US Federal Open Market Committee (FOMC) meeting, an analyst said.

At 9 am, the local currency stood at 4.4190/4225 versus the greenback from Tuesday’s close of 4.4190/4220.

US FOMC members will deliberate on their decision at their two-day meeting beginning Tuesday.

Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid said the markets appear to be expecting a 75-basis-point hike in the Fed Fund Rate in the current FOMC meeting session which will be announced tonight.

However, the value of the US dollar rises as a result with the US Dollar Index (DXY) rising to 105.518 points, he shared.

“Following this, the USD/MYR is expected to remain weak on account of the strong US dollar. The current resistant level is at RM4.45.

“As such, the dollar-ringgit might linger around such level in the immediate term,” he told Bernama