Ringgit unchanged at opening against US dollar

A market dealer says the ringgit alongside other currencies is expected to trade on a tight band ahead of the interest rate cut symposium at Jackson Hole tomorrow.

KUALA LUMPUR: The ringgit opened flat against the US dollar on the possibility of another rate cut by the US Federal Reserve.

At 9.22am, the ringgit remained unchanged at Wednesday’s close of 4.1750/1800 against the greenback.

A dealer said the ringgit and other Asian currencies were likely to trade on a tight band ahead of the Federal Reserve chairman Jerome Powell’s speech at Jackson Hole symposium tomorrow.

The chairman is expected to hold talks on the back of expectations of a further interest rate cut.

The ringgit rose against the euro to 4.6284/6344 against Wednesday’s close at 4.6317/6377 but almost flat against the British pound at 5.0634/0712 from 5.0634/0703 yesterday.

The domestic unit strengthened against the yen to 3.9176/9234 from 3.9202/9264 and increased against the Singapore dollar to 3.0173/0213 from 3.0186/0226.