KUALA LUMPUR, Aug 28 — The ringgit opened flat against the greenback yesterday as investors awaited fresh leads ahead of key US inflation data.
At 8am, the local note stood at 4.2335/2365, the same as Wednesday’s close.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit could move within RM4.22 to RM4.24 yesterday, driven by possibilities of profit-taking as traders were wary about the US personal consumption expenditures (PCE) inflation report today.
“The US Dollar Index (DXY) was generally hovering around 98 points as traders remain anxious about the US Federal Reserve’s next move in September.
“Federal Reserve Bank of Richmond Tom Barkin indicated that he foresees modest adjustment in the interest rates in the next meeting as he expects small variation in the economy,” Mohd Afzanizam told Bernama yesterday.
In the early session, the ringgit was traded lower against a basket of major currencies.
It slipped versus the euro to 4.9312/9347 from 4.9058/9093 at Wednesday’s close, fell vis-à-vis the Japanese yen to 2.8737/8759 from 2.8591/8611, and weakened against the British pound to 5.7169/7210 from 5.6890/6930.
It also traded mostly lower against other Asean currencies.
The local note weakened versus the Singapore dollar to 3.2940/2966 from 3.2843/2869 on Wednesday and declined against the Thai baht to 13.0631/0784 from 13.0330/0474.
The ringgit was flat against the Philippine peso and the Indonesian rupiah at 7.40/7.41 and 258.6/258.9, respectively. — Bernama
