Bank Negara Malaysia's international reserves rose by US$600mil to US$103.3bil as at July 15, 2019 from two weeks prior.
KUALA LUMPUR: The ringgit opened marginally lower today against the US dollar as investors stayed on the sidelines as they wait for the Federal Open Market Committee meeting today.
At 9am, the ringgit stood at 4.0770/0800 compared with 4.0760/0800 at yesterday's close.
A dealer said investors would be watching closely the policy meeting for new market direction.
"After the US Fed increased the interest rates four times last year, the policymaker is expected to hold its rates this time as a response to the global economic slowdown and stocks volatility," he said.
On the local front, he said investors are waiting for Friday's release of Consumer Price Index (CPI) as well as following up on the InvestKL event attended by key lawmakers and global industry players today and tomorrow for any new market leads.
The ringgit was also traded mostly lower against other major currencies.
It slid against the Japanese yen to 3.6627/6664 from 3.6556/6602 but rose versus the euro to 4.6221/6259 from 4.6263/6312 at yesterday's close.
The ringgit also depreciated versus the British pound to 5.4065/4121 from 5.4015/4084 and advanced slipped the Singapore dollar to 3.0173/0200 from 3.0152/0184 yesterday. - Bernama
In its morning research note, AmBank research also expects the US Fed to stay status quo on the policy rate. However, attention will be focused on the statement issued by policy makers and chairman Jerome Powell's remarks at the post-meeting press conference as well as the updated interest-rate forecasts.
"We are expecting the Fed to lower its projected path on interest rates to a maximum of one rate hike in 2019 with a probability of that happening is at a low 30%.
"We feel that the market may not have fully factored for a potential downwards revision on the GDP outlook," it said.
Meanwhile, the research house added that it is keeping its eye on the US-China trade talks as a proposed summit between the two nations' leaders may be pushed back to June.
"On the MYR, we expect the local currency to trade between our support level of 4.0648 and 4.0695 while our resistance is pinned at 4.0829 and 4.0905 for the day," it said.
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