Ringgit opens unchanged against US$ Tuesday
KUALA LUMPUR: The ringgit opened unchanged against the US dollar Tuesday, despite growing expectations over the United States Federal Reserve (Fed) raising interest rates in December.
At 9.20 am(0120gmt), the local unit’s onshore trading stood at 4.3250/3350 against the greenback.
FXTM Research Analyst Lukman Otunuga said the US dollars appreciation was complimented by optimism towards President-elect Donald Trumps administration bolstering spending and reviving inflation, a move seen as supporting economic growth in the US.
“Sentiment is heavily bullish towards the greenback and the 81 per cent probability of a rate hike before year-end, could keep the currency buoyed,” he added in a statement.
He said attention today may be directed towards US retail sales figures, which, if exceeds expectations, may add to the pool of economic data that continue to display signs of economic stability in the US.
The local unit was traded mostly lower against other major currencies.
It fell against the Singapore dollar to 3.0643/0719 from 3.0548/0632 on Monday and against the British pound to 5.4058/4196 from 5.3972/3114.
The ringgit eased against the euro to 4.6563/6675 from 4.6520/6636 previously, but, rose marginally against the yen to 4.0076/0187 from 4.0087/0210.