The Malaysian ringgit opened slightly stronger against the US dollar on Monday as currency traders adopted a cautious tone ahead of next week’s Federal Open Market Committee (FOMC) meeting.
At 10:00 a.m. in Kuala Lumpur, the ringgit traded at 4.1260, strengthening 0.10% from the Asian session open.
Bank Muamalat Malaysia’s Chief Economist, Dr. Mohd Afzanizam Abdul Rashid, said recent weakness in US economic indicators — including declining consumer confidence and a softening labour market — has increased expectations of a potential Federal Funds Rate cut.
He added that the ringgit is expected to trade within the 4.12 to 4.14 range today, reflecting a broader risk-cautious market environment.
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Meanwhile, crude oil prices slipped slightly after OPEC+ decided to maintain its existing output quotas. Brent crude hovered around $62.38 per barrel.
Early in the session, the ringgit traded lower against several major currencies. It weakened against the British pound to 5.4677/4743 from 5.4528/4594, dropped against the euro to 4.7912/7970 from 4.7768/7825, and slipped versus the Japanese yen to 2.6490/6523.
Against ASEAN currencies, the ringgit showed mixed performance. It fell against the Singapore dollar to 3.1872/1916 and declined versus the Thai baht to 12.8632/8892. However, it remained unchanged against the Indonesian rupiah at 247.6/248.0 and held steady against the Philippine peso at 7.047/06.
AsianForexHub Quick View
- Ringgit strengthens 0.10% to 4.1260 against USD
- Traders cautious ahead of next week’s FOMC meeting
- Weak US data boosts expectations of a Fed rate cut
- Mixed performance against major and ASEAN currencies
- Brent crude at $62.38 after OPEC+ maintains output quotas
Monitor MYR performance across global currencies with our emerging-market FX tracker.
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