Volatile market keeps ringgit on an even keel

Volatile market keeps ringgit on an even keel

Investors stay at the sidelines as they wait for an announcement on US interest rate.

The ringgit was flat against the US dollar but closed lower against key currencies.
KUALA LUMPUR:
Investors watched from the sidelines as the market remained volatile throughout the day, leaving the ringgit little changed from its close last Friday.

At 6pm, the local currency stood at 4.4510/4.4540 versus the greenback from Friday’s close of 4.4515/4.4545.

Oanda Asia Pacific senior market analyst Jeffrey Halley said Asian currencies remained under pressure against the greenback ahead of the US Federal Open Market Committee (FOMC) meeting and earnings season.

“We expect volatility in Asian currencies to increase as the week continues while we get more inputs from the FOMC meeting and the US earnings data,” he said.

Meanwhile, the ringgit traded weaker against a basket of other major currencies. The local currency dipped against the Singapore dollar to 3.2149/3.2175 from 3.2011/3.2038 at Friday’s close and fell versus the British pound to 5.3621/5.3657 from 5.3187/5.3222 previously.

It also declined versus the Japanese yen to 3.2654/3.2678 from 3.2389/3.2413 at the end of last week and depreciated vis-a-vis the euro to 4.5574/4.5605 from 4.5201/4.5231.

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