Ringgit ends flat as investors await Fed decision
At 6pm, the ringgit stood at 4.0805/4.0845 against the greenback, unchanged from Monday’s closing.
KUALA LUMPUR: The Malaysian ringgit remained stagnant against the US dollar on Tuesday as investors remained cautious prior to the US Federal Reserve's upcoming policy meeting, according to an analyst. At 6pm, the ringgit was trading at 4.0805/4.0845 against the US dollar, holding steady from Monday's close. Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid noted that the ringgit fluctuated within a narrow range due to mixed performances across Asian currency markets.
He added that the US Dollar Index declined as expectations of a US Federal Reserve rate increase at the October 27-28 Federal Open Market Committee meeting remained low. Rashid explained to Bernama that despite this, markets still believed a Fed rate hike would occur in December, which may have contributed to the ringgit's stability, given the Fed's anticipated hawkish monetary policy stance.
By the close, the ringgit was lower against a basket of major currencies, depreciating against the Japanese yen, British pound, and euro, while gaining against the Thai baht and remaining unchanged against the Philippine peso.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
