Ringgit Opens Nearly Flat Against US Dollar

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, April 28 (Bernama) -- The ringgit opened little changed against the greenback on Monday, as the US Dollar Index (DXY) ended a four-week losing streak after recent weakness below the 100-point mark.

At 8.04 am, the local unit stood at 4.3700/3900 against the greenback, compared with last Friday’s close of 4.3705/3770.

Analysts attributed the market’s cautious tone to lingering uncertainties over the United States' tariff policies.

Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is expected to remain rangebound as the tariff uncertainties persist.

“At the same time, the International Monetary Fund’s cautionary note on the global outlook this year suggests central banks may ease monetary policies further to cushion the impact,” he told Bernama.

Back home, the ringgit traded mostly higher against a basket of major currencies.

It strengthened against the Japanese yen to 3.0408/0550 from 3.0431/0481 at Friday’s close and gained on the British pound to 5.8104/8369 from 5.8128/8214.

However, it weakened against the euro, dropping to 4.9608/9835 from 4.9596/9670.

Meanwhile, against regional currencies, the ringgit traded little changed.

It was nearly flat against the Singapore dollar at 3.3224/3381, compared with 3.3228/3280 last Friday. The ringgit was unchanged against the Thai baht at 13.0195/0900 from 13.0195/0450, barely moved against the Philippine peso at 7.77/7.81 from 7.77/7.78, and remained stable against the Indonesian rupiah at 259.6/260.9 from 259.6/260.2.

-- BERNAMA