Ringgit Ends Lower Against US Dollar Ahead Of FOMC Meeting

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, July 29 (Bernama) -- The ringgit ended lower against the US dollar today as market traders await the outcome of the United States (US) Federal Open Market Committee (FOMC) meeting, said an economist. 

The two-day FOMC meeting, taking place from July 29 to 30 in Washington, is expected to provide key guidance on the US Federal Reserve’s monetary policy direction. 

At 6 pm, the local note eased to 4.2320/2365 versus the greenback from yesterday’s close of 4.2275/2345.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that in the meantime, the US labour market data will be the key focus tonight when the Job Openings and Labor Turnover Survey (JOLTS) will be published.

“Consensus estimates have pegged the number of jobs openings to decline to 7.55 million in June from 7.769 million in the prior month,” he told Bernama. 

Thus far, he said, the US Dollar Index (DXY) has risen to as high as 99.01 but later hovers around 98.816 points.

At the close, the ringgit ended higher against major currencies.

It rose against the Japanese yen to 2.8479/8511 from 2.8497/8546 at the close on Monday, appreciated versus the British pound to 5.6518/6578 from 5.6720/6814 last week, and edged higher against the euro to 4.8990/9042 from 4.9331/9412 previously.

The ringgit was also mostly higher against regional peers.

It was higher against the Indonesian rupiah at 257.8/258.2 from yesterday’s 258.3/258.9, gained against the Singapore dollar to 3.2875/2913 from 3.2917/2974, improved against the Philippine peso to 7.38/7.39 from 7.39/7.41, but weakened versus the Thai baht to 13.0537/0740 from 13.0511/0787 previously.

-- BERNAMA