RINGGIT CLOSES EASIER AGAINST US DOLLAR AHEAD OF FOMC MEETING

By Rosemarie Khoo Mohd Sani

KUALA LUMPUR, March 17 (Bernama) -- The ringgit closed easier on Monday as traders and investors remain guarded ahead of the two-day United States (US) Federal Open Market Committee (FOMC) meeting which will begin tomorrow, said an analyst.

At 6 pm, the ringgit decreased to 4.4450/4490 against the greenback from last Friday’s close of 4.4410/4455.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said weaker economic data points in the US, heightened uncertainties over geopolitics in Europe and the Middle East, along with China’s commitment to boost consumption have resulted in markets on a defensive mode.

“The US dollar-ringgit started the day on a strong note of RM4.4342 during the morning session but gradually depreciated towards RM4.4473 in the afternoon session.

“It appears that ringgit is flirting at around its immediate resistant level,” he told Bernama. 

Meanwhile, the ringgit traded lower against a basket of major currencies.  

It declined against the euro to 4.8455/8499 from 4.8194/8243 at last Friday’s close, fell against the British pound to 5.7576/7628 from 5.7404/7463, and was lower against the Japanese yen to 2.9896/9925 from  2.9809/9842 on Friday. 

The local note was mixed against ASEAN currencies.  

It eased against the Singapore dollar to 3.3351/3383 from 3.3241/3277 at the previous close and weakened against the Thai baht to 13.2213/2391 from 13.1820/2020.  

The ringgit, however, edged up against the Indonesian rupiah to 270.9/271.2 from 271.6/272.0 and was marginally lower versus the Philippine peso at 7.76/7.77 from 7.75/7.77.  

-- BERNAMA