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KUALA LUMPUR, March 17 – The ringgit opened virtually unchanged with a downward bias in opposition to the US greenback as merchants maintain tabs on the outcomes of the two-day Federal Open Market Committee (FOMC) assembly as a result of happen. end later Wednesday.
At 9am, the native observe was listed at 4.1130 / 1180 in opposition to the dollar of 4.1120 / 1160 at yesterday’s shut.
Axi’s chief world market strategist Stephen Innes stated the ringgit stays deterred by a powerful US greenback, greater US Treasury yields, the potential for the US economic system to outperform expectations, in addition to expectations. that greater US yields would grow to be extra pronounced within the second quarter.
“In the intervening time, the Asian foreign exchange market, together with the US greenback / ringgit, has shifted to purchasing the falling mode of the US greenback whereas maintaining a tally of US yields,” he advised Bernama.
Nonetheless, Innes stated it was most likely a good suggestion to not lose sight of accelerating development in Asia by way of the restoration in world commerce.
In the meantime, the ringgit traded principally decrease in opposition to the opposite main currencies besides in opposition to the euro, rising to 4.8945 / 9021 from 4.9044 / 9108 on the shut on Tuesday.
It weakened in opposition to the Japanese yen at 3.7686 / 7742 from 3.7652 / 7699, fell in opposition to the British pound to five.7142 / 7215 from 5.6857 / 6928 and relaxed vis-à-vis Singapore greenback at 3.0546 / 0590 at 3.0543 / 0579. – Bernama