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Ringgit Ends Firmer Against Us Dollar
Last update: 11/06/2024

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, June 11 (Bernama) -- The ringgit ended higher against the US dollar ahead of the two-day US Federal Open Market Committee (FOMC) meeting which begins later today, said an analyst.

At 6 pm, the ringgit rose to 4.7175/7205 versus the greenback from yesterday’s close of 4.7210/7250. 

 Bank Muamalat  Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit initially weakened to RM4.7250 against the greenback during the morning session but buying interest came in later in the day, leading the US dollar/ringgit pair to RM4.7200.

“All eyes will be on the two-day FOMC meeting which commences tonight. While most economists are expecting the Federal Reserve to maintain the status quo, the quarterly macroeconomic projection will be the key focus,” he told Bernama. 

At the close, the ringgit traded mostly higher against a basket of major currencies.

The local unit strengthened versus the Japanese yen to 3.0000/0021 from Monday’s close of 3.0089/0117 and increased against the euro to 5.0708/0741 from 5.0722/0765 yesterday, but slipped vis-a-vis the British pound to 6.0073/0111 from 5.9943/9993 previously.

Meanwhile, the ringgit traded mostly higher against its ASEAN peers. 

The local note inched up against the Singapore dollar to 3.4862/4887 from 3.4875/4907 at Monday’s close and appreciated vis-a-vis the Indonesian rupiah to 289.5/289.9 from 289.9/290.3 yesterday.

However, it fell versus the Thai baht to 12.8364/8491 from 12.8211/8372 previously and was flat against the Philippine peso at 8.03/8.04. 





100 Yen3.7752/7805
Source: Bank Negara Malaysia

Reduction in the overnight policy rate (OPR) by Bank Negara Malaysia would be good for consumer spending and investment;
Not sure
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