Ringgit opens slightly higher against US dollar

KUALA LUMPUR: The ringgit opened slightly higher against the US dollar today amid cautious sentiment around the market, due to concerns over a key speech by US Federal Reserve (Fed) chairman Jerome Powell later today.

At 9.40am, the local currency was quoted at 4.1670/1720 against the greenback from 4.1680/1720 yesterday.

A dealer said that Powell is expected to discuss the Fed’s policy framework and specifically how it will alter its position on inflation.

“The Fed has had a 2% inflation target, but in the decade since the financial crisis it has more often than not seen inflation fall below its target,” he said.

Meanwhile, the ringgit was traded lower against other major currencies.

The local note declined against the Singapore dollar to 3.0527/0566 from 3.0472/0513 yesterday and fell against the yen to 3.9334/9392 from 3.9213/9262.

Against the euro, it slipped to 4.9354/9426 from 4.9249/9301 yesterday and was lower against the British pound to 5.5079/5162 from 5.4784/4853.