KUALA LUMPUR, March 15 — The ringgit opened flat against the US dollar Monday, as traders cautiously await the Federal Open Markets Committee (FOMC) meeting on March 16 and 17 after the US 10-year yields up nine basis points to 1.62 per cent last Friday.
At 9am, the local unit was quoted at 4.1130/1190 against the greenback from 4.1160/1200 at the close last Friday.
On the ringgit’s outlook for the week, Axi chief global market strategist Stephen Innes expects the local note to trade in a tight band ahead of this week’s FOMC meeting, as traders are still debating if the FOMC would signal a 2023 lift-off and possible September bond market taper.
“The ringgit could remain hostage to higher US yields of the near terms,” he told Bernama.
At the opening bell, the ringgit was traded mostly lower against other major currencies, except against the yen.
It declined against the Singapore dollar to 3.0587/0634 from 3.0557/0593 last Friday, depreciated against the pound to 5.7294/7382 from 5.7262/7326 and eased against the euro to 4.9146/9234 from 4.9050/9106.
Vis-a-vis the yen, the local unit was firmer at 3.7703/7768 versus 3.7720/7760 previously.
— Bernama
