KUALA LUMPUR, Sept 11 ― The ringgit opened almost flat against the US dollar today on lack of fresh buying interest, said a dealer.
At 9.12am, the local currency was quoted at 4.1630/1680 against the greenback from yesterday’s close of 4.1620/1660.
AxiCorp chief global market strategist Stephen Innes said yesterday Bank Negara Malaysia (BNM) had delivered an excellent message, not panicking to cut rates too quickly.
He said it gave the sharp bounce back in the economy after Malaysia did an admirable job on virus control, which triggered a sturdy recovery in mobility leading the domestic economic recovery charge.
“But they were dovish enough to keep the policy door ajar for a rate cut later this year, which should continue to attract bond flows.
“And today, the external factors could weigh on the local unit with oil prices tumbling again, the US dollar finding some safe-haven appeal,” he told Bernama.
On Thursday, BNM held the overnight policy rate unchanged at 1.75 per cent following a cumulative 125-basis point cut over four straight meetings since January.
The next Monetary Policy Committee meeting is on Nov 3, which marks the final meeting for this year.
Meanwhile, the ringgit was traded mostly higher against other major currencies.
It appreciated against the Singapore dollar to 3.0407/0461 from 3.0426/0467 on Thursday and went up against the yen to 3.9203/9261 from 3.9220/9261.
The domestic unit rose against the British pound to 5.3299/3395 from 5.4198/4266 but fell against the euro to 4.9273/9349 from 4.9266/9330 yesterday. ― Bernama
