KUALA LUMPUR: The ringgit traded lower against the US dollar at the opening today as the US Dollar Index (DXY) strengthened by 0.20 per cent to 103.419 points.
Analysts said this came as the July Federal Open Market Committee meeting minutes revealed that the United States Federal Reserve members were still concerned about inflation, which necessitated the restrictive monetary policy to be retained.
With China’s economy looking increasingly shaky and the Bank of Japan unlikely to budge from its accommodative monetary stance, the US dollar would continue to be the highly sought-after currency, said Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid.
"The ringgit continues to flirt around its support level of RM4.6257, with the resistant level currently at RM4.7495,” he told Bernama.
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