Ringgit flat against US dollar

KUALA LUMPUR: The ringgit ended flat against the US dollar yesterday as investors took a “wait-and-see” approach ahead of the latest economic assessment by the US Federal Open Market Committee during its meeting on April 30 and May 1, says an analyst.

At 6pm, the ringgit was unchanged at 4.7650/7700 versus the greenback from last Friday’s close of 4.7650/7710.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid reckoned that market participants would maintain a cautious stance ahead of the meeting, as well as the release of key data points on the US labour market.

“Nevertheless, the ringgit remains fairly stable, in tandem with major currencies that have strengthened against the US dollar,” he pointed out. — Bernama