Ringgit opens slightly higher against USD, seen in narrow range today

KUALA LUMPUR: The ringgit opened slightly higher against the US dollar this morning on mild demand for the domestic note.

At 9.22 am, the local note rose to 4.6825/6860 against the greenback from Friday’s close of 4.6865/6920.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid expects the ringgit to stay in a narrow range today as a risk-off mode is likely to keep the US dollar well supported.

“We have the possibility of a US govt shutdown as the Congress needs to decide this week over disagreement on the spending bill. Nonetheless, the latest flash PMI for September seems to suggest there was some improvement in business sentiments.

“It’s a bit of a mixed signal but the heightened economic uncertainties would keep market participants guarded. Expect the US dollar/ringgit to range between RM4.67 to RM4.68 today,” he said

The ringgit was traded mostly higher against a basket of major currencies.

It eased against the euro at 4.9869/9906 from Friday’s closing of 4.9860/9918 but was better versus the British pound at 5.7342/7385 from 5.7372/7439 and appreciated against the Japanese yen to 3.1560/1585 from 3.1593/1632 previously.

At the same time, the local note traded mixed against other Asean currencies.

It strengthened against the Thai baht to 12.0345/0493 from 13.0119/0322 on Friday and was little changed against the Indonesian rupiah at 304.5/304.9 from 304.7/305.3 previously.

It stood against the Philippine peso at 8.24/8.25 from 8.25/8.26 on Friday and increased against the Singapore dollar at 3.4296/4325 from 3.4313/4359. – Bernama