RINGGIT OPENS UNCHANGED AS TRADERS AWAIT FOMC OUTCOME

By Abdul Hamid A Rahman

KUALA LUMPUR, Dec 1 (Bernama) -- The ringgit opened unchanged against the US dollar today as traders adopted a wait-and-see stance ahead of the United States (US) Federal Open Market Committee (FOMC) meeting next week.

At 8 am, the ringgit was flat at 4.1300/4.1350 against the greenback, unchanged from last Friday’s close.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said recent soft US data, including weaker consumer confidence and a sluggish labour market, have strengthened expectations of a potential cut in the Federal Funds Rate.

At the same time, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) decision to maintain its production quota has pushed crude oil prices lower, with Brent crude hovering around US$62.38 per barrel.

“This points to contained global inflation going into 2026. For now, the ringgit has performed well, appreciating by more than eight per cent on a year-to-date basis,” he told Bernama.

Mohd Afzanizam expects the ringgit to trade between RM4.12 and RM4.14 against the US dollar today amid a cautious market tone.

At opening, the ringgit trended lower against major currencies.

It depreciated against the British pound to 5.4677/4743 from 5.4528/4594, slid against the euro to 4.7912/7970 from 4.7768/7825, and dipped against the yen to 2.6490/6523 from 2.6420/6456 at last week’s close.

The local note traded mixed against ASEAN currencies.

It eased against the Singapore dollar at 3.1872/1916 from 3.1813/1857, and shaved against the Thai baht to 12.8632/8892 from 12.8245/8472, last Friday.

Meanwhile, it was flat against the Indonesian rupiah and Philippine peso at 247.6/248.0 and 7.04/7.06, respectively.

-- BERNAMA