KUALA LUMPUR: The ringgit was marginally higher against the US dollar in early trade on Monday, as cautious sentiment held ahead of the US Federal Reserve’s Federal Open Market Committee (FOMC) meeting on Oct 27-28.
At 8.02 am, the ringgit edged up to 4.0815/0870 against the greenback from Friday’s close of 4.0835/0875.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) rose 0.2 per cent while US Treasury yields also increased.
“Hence, market sentiment will remain guarded with Brent crude oil prices staying elevated at US$116 per barrel amid the ongoing war in West Asia, which is likely to affect global crude oil supplies. As such, the ringgit is expected to continue its narrow range trading today,” he told Bernama.
The ringgit traded mostly higher against a basket of major currencies at the open.
It fell versus the euro to 4.5790/5852 from 4.5735/5780, rose against the Japanese yen to 2.6020/6057 from Friday’s close of 2.6076/6103, and advanced against the British pound to 5.4602/4676 from 5.4633/4687.
Meanwhile, the ringgit showed mixed results against its ASEAN peers.
It gained versus the Thai baht to 12.0865/1086 from 12.0985/1154 at Friday’s close and appreciated against the Singapore dollar to 3.1937/1982 from 3.1952/1986.
The domestic unit was almost flat against the Indonesian rupiah at 225.7/226.1 from 225.8/226.1 and unchanged at 6.42/6.43 vis-à-vis the Philippine peso.