KUALA LUMPUR: Cautious sentiments may prevail in the foreign exchange market today, while the US dollar/ringgit pair should hover around RM4.60-RM4.61, said Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid.
The ringgit traded higher against the US dollar in the early session today following positive developments on the US debt limit negotiations.
At 9am, the local note rose to 4.6070/6110 versus the greenback compared with yesterday’s closing of 4.6105/6155.
Meanwhile, the ringgit was traded lower against a basket of major currencies.
It went down to 3.3099/3130 against the Japanese yen from 3.2951/2989 at yesterday’s closing, declined against the euro to 4.9230/9273 from 4.9208/9261 previously, and depreciated versus the British pound at 5.7302/7352 from 5.6986/7048 yesterday.
The local note was also traded lower against other Asean currencies.
The ringgit fell against the Thai baht to 13.2839/3016 from 13.2440/2641 yesterday and slid against the Singapore dollar to 3.4065/4100 from yesterday’s 3.4036/4075.
It was almost flat against the Indonesian rupiah at 307.1/307.6 from 307.4/307.9 on Wednesday and increased slightly against the Philippine peso to 8.19/8.21 from 8.20/8.22 previously.