Ringgit opens marginally higher against US dollar
KUALA LUMPUR: The ringgit opened marginally higher against the greenback on Wednesday as investors remain cautious ahead of results from the United States (US) midterm elections and Bank Negara Malaysia’s Monetary Policy Committee (MPC) meeting tomorrow, said an analyst.
KUALA LUMPUR: The Malaysian ringgit began the day marginally higher against the US dollar on Wednesday, as investors remain cautious ahead of key events, said an analyst. At 8am, the local currency was up to 4.0730/0795 against the US dollar, from Tuesday's close of 4.0735/0775. Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, expects market sentiment to stay cautious as investors keep a close watch on developments surrounding the US midterm elections and Bank Negara Malaysia's upcoming Monetary Policy Committee (MPC) meeting.
The rising cost of living, particularly the high petrol prices currently above $4 per gallon, is expected to be a major concern for voters during the election. The focus will be on the US midterm elections, where American citizens go to the polls, with the impact of higher living costs, especially gas prices, being a key factor for voters.
The Bank Negara MPC decision will also be closely watched, which is expected to keep the ringgit within a narrow range today.
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Also reported by 1 other outlet
- Ringgit opens marginally higher against US dollar freemalaysiatoday.com
