Ringgit opens flat against US dollar in early trade

Traders are awaiting on the announcement of the overnight policy rate by Bank Negara.

KUALA LUMPUR:  The ringgit opened flat against the US dollar today on a lack of fresh leads, with most traders remaining on the sidelines due to mixed external developments.

At 9 am, the ringgit was lower at 4.1460/1490 to the greenback compared with 4.1460/1490 at yesterday’s close.

A dealer said the traders are now awaiting today’s announcement on the overnight policy rate (OPR) by Bank Negara Malaysia (BNM).

“Economists have predicted that BNM will lower interest rates amid the economic slowdown,” he said.

At its meeting on March 5, BNM’s Monetary Policy Committee (MPC) decided to maintain the OPR at 3.25%.

Meanwhile, the ringgit traded mostly lower against a basket of major currencies, except the Singapore dollar in rising to 3.0409/0436 from 3.0412/0440 at close yesterday.

It fell against the Japanese yen to 3.7439/7476 from 3.7429/7466, declined against the euro to 4.6435/6473 from 4.6406/6444 and weakened against the British pound to 5.4333/4389 from 5.4317/4373.