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Ringgit opens slightly higher against US dollar

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Analyst forecasts local note to trade close to RM4.5491 resistance level.

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Free Malaysia Today

KUALA LUMPUR:
The ringgit opened slightly higher against the US dollar this morning despite the greenback strengthening ahead of this week’s resolution of the United States debt ceiling negotiations.

At 9am, the local note rose to 4.5320/5375 versus the greenback from last Friday’s closing rate of 4.5350/5405.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said that the Federal Open Market Committee (FOMC) meeting minutes, which will be published on Wednesday and Friday, will allow investors to scrutinise the US Federal Reserve’s (Fed) inflation gauge.

US treasury secretary Janet Yellen, he added, is also expected to provide updates on the debt ceiling and the government’s operational expenditure limit.

“The combination of risk aversion and anticipation of a hawkish Fed means that the US dollar will continue to be well supported today.

“We believe the US dollar-ringgit will trade quite close to its immediate resistance level of RM4.5491 in the immediate term until investors see more clarity on the resolution of the US debt ceiling impasse,” he told Bernama.

Meanwhile, the ringgit was traded mostly lower against a basket of major currencies.

It weakened vis-a-vis the British pound to 5.6500/6569 versus 5.6370/6438 at the close on Friday, eased against the euro to 4.9054/9114 from 4.8978/9037 and decreased against the Japanese yen to 3.2917/2959 from 3.2839/2881 previously.

At the same time, the local note was traded mixed against other Asean currencies.

It appreciated versus the Indonesian rupiah to 303.4/304.0 from 303.6/304.2 at Friday’s close and increased versus the Thai baht to 13.2190/2404 from 13.1862/2083 last week.

However, it fell to 3.3728/3771 against the Singapore dollar from 3.3715/3758 last Friday and was flat against the Philippine pesos at 8.14/8.16 from 8.14/8.16 previously.

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