Ringgit opens lower as dollar strengthens
An economist expects the ringgit to linger around 4.65 to the US dollar as markets await Bank Negara Malaysia’s decision on the overnight police rate later today. – The Malaysian Insight file pic, July 6, 2023.
At 9am, the local unit fell to 4.6630/6670 versus the US dollar, compared with 4.6485/6555 at yesterday’s close.Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid said the market is also awaiting Bank Negara Malaysia’s decision on the overnight policy rate and its latest assessment on the economy later today.
The two-day MPC meeting began yesterday, and analysts say the central bank is expected to maintain the OPR at 3%.It declined vis-a-vis the euro to 5.0584/0628 from 5.0641/0717 at Wednesday’s close, slipped against the Japanese yen to 3.2330/2360 from 3.2221/2272 and weakened against the British pound to 5.9201/9252 from 5.9101/9190 at the close yesterday.
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