Ringgit rises on dovish FOMC outcome

KUALA LUMPUR: The ringgit opened in a relief rally by gaining 100 basis points (bps) against the US dollar following the dovish Federal Open Markets Committee’s (FOMC) decision to keep the US interest rates near zero.

At 9am, the local note advanced to 4.1090/1130 against the greenback from 4.1190/1240 at Wednesday’s close.

Axi chief global market strategist Stephen Innes said the US dollar was weaker across the board after the FOMC credible dovish messaging concluded on March 17.

"So, the ringgit should see a bit of a relief rally today,” he told Bernama in a note.

However, against other major currencies, the ringgit was traded mostly lower, except versus the Japanese yen.

It depreciated against the Singapore dollar to 3.0678/0715 from 3.0593/0637 at Wednesday’s close, declined against the British pound to 5.7407/7471 from 5.7250/7332, and fell versus the euro to 4.9250/9303 from 4.9053/9129 previously.

The local currency rose against the Japanese yen to 3.7708/7751 from 3.7751/7807 on Wednesday. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Ringgit ,  Axi , Stephen Innes , FOMC


Next In Business News

Aon, seeking EU nod on US$30bil Willis bid
Reuters names first woman editor-in-chief in 170-year history
Oil price rises on US vaccine rollout, Middle East tension
Goldman risk group examines 2021 market events for lessons
GLOBAL MARKETS-Stocks slip from record peaks before earnings reports
Sharp two-digit rebound in Q2
UK revises foreign takeover bill to reduce burden on companies
Challenging year for palm oil refiners
Maybank to focus on ROE and ESG
Malaysian CPO stocks continue to rise

Stories You'll Enjoy