The ringgit opened higher against the US dollar today as expectations of a US Federal Reserve interest rate hike in September eased.
At 8am, the local currency strengthened to 4.0565/0625 against the greenback from 4.0575/0615 at Tuesday’s close.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said investors are now focusing on the Federal Open Market Committee meeting minutes, due to be released today.
He said Malaysia’s strong economic growth and stable inflation also showed that the economy remained resilient.
The ringgit is expected to hover between RM4.05 and RM4.07 today.
Against other major currencies, the ringgit strengthened against the euro but weakened against the Japanese yen and British pound.
It also gained against the Singapore dollar and Thai baht, remained almost unchanged against the Indonesian rupiah and was unchanged against the Philippine peso.
