KUALA LUMPUR, Aug 27 — The ringgit was slightly higher against the US dollar at the early session today amid cautious sentiment around the market, due to concerns over a key speech by US Federal Reserve (Fed) chairman Jerome Powell later today.
At 9.40am, the local currency was quoted at 4.1670/1720 against the greenback from 4.1680/1720 yesterday.
A dealer said that Powell is expected to discuss the Fed’s policy framework and specifically how it will alter its posture on inflation.
“The Fed has had a 2.0 per cent inflation target, but in the decade since the financial crisis it has more often than not seen inflation fall below its target,” he said.
Meanwhile, the ringgit was traded lower against other major currencies.
The local note declined against the Singapore dollar to 3.0527/0566 from 3.0472/0513 on Wednesday and fell against the yen to 3.9334/9392 from 3.9213/9262.
Against the euro, it slipped to 4.9354/9426 from 4.9249/9301 yesterday and was lower against the British pound to 5.5079/5162 from 5.4784/4853 previously. — Bernama
