KUALA LUMPUR: 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 the 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 rose against the British pound to 5.3482/3543 from 5.3525/3580 at Monday’s close, was higher against the Japanese yen to 2.4791/4821 from Monday’s 2.4810/4837, and eased against the euro to 4.6316/6368 from Monday’s 4.6387/6434.
The local currency traded mostly higher against ASEAN peers.
It went up against the Singapore dollar to 3.1011/1051 from 3.1018/1052 at Monday’s close, and rose against the Thai baht to 12.2061/2257 from yesterday’s close of 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. - Bernama
