KUALA LUMPUR, Sept 10 — The ringgit rebounded to end higher against the US dollar on renewed buying interest, said a dealer.
At 6pm, the domestic unit stood at 4.1620/1660 against the greenback from 4.1700/1740 yesterday.
Today, Bank Negara Malaysia (BNM) held the overnight policy rate unchanged at 1.75 per cent following cumulative 125-basis point cut over four straight meetings since January.
AxiCorp chief global market strategist Stephen Innes said the dovish forward guidance by the central bank was as expected.
“The ringgit is trading off (its) intraday best level but I would chalk that out to waning global risk sentiment and lower oil prices after the US American Petroleum Institute (API) recorded a build in crude inventories,” he told Bernama.
According to API data, US crude stocks rose by three million barrels in the week ending September 4.
Meanwhile, UOB Bank expects Malaysia’s interest rates to remain status quo at least until the first half of next year, barring any negative surprises.
The next Monetary Policy Committee meeting is on November 3, which marks the final meeting for this year.
The ringgit was traded mixed against other major currencies.
It appreciated against the Singapore dollar to 3.0426/0467 from 3.0447/0487 yesterday and went up against the yen to 3.9220/9261 from 3.9314/9363.
The domestic unit declined against the British pound to 5.4198/4266 from 5.3985/4053 and fell against the euro to 4.9266/9330 from 4.9060/9124 yesterday. — Bernama
