At 9am, the local currency stood at 4.3945/3980 versus the US dollar from yesterday’s close of 4.3930/3960.

Bank Islam chief economist Afzanizam Rashid said the ringgit is expected to trade range-bound today as market players await global financial policymakers’ actions.

“The focus will be on the ECB monetary policy decision today. At the same time, foreign exchange players are bogged down by interest rate decisions by major central banks,” he told Bernama.

He said the general consensus is that there would not be any change to the benchmark interest rate.

“It would be interesting to see what the ECB narratives are and how they would translate into future policy responses, which may set the stage for the normalising of excessive monetary policy accommodation,” he said.

The Federal Open Market Committee (FOMC) meeting will be held on June 14 and 15.

Meanwhile, the ringgit was traded mixed against a basket of major currencies.

It strengthened against the yen to 3.2748/2777 from 3.2837/2862 and rose slightly against the Singapore dollar to 3.1911/1941 from yesterday’s close of 3.1928/1952.

However, the local note depreciated against the British pound to 5.5081/5125 from 5.5027/5064 yesterday and eased against the euro to 4.7069/7107 from 4.7027/7059.