Qualampur: An analyst said the Ringit said that the Ringit opened a two-day US Federal Open Market Committee (FOMC) meeting as compared to the US dollars and other major currencies, which starts today, and a holiday-short week, an analyst said .
At 8 am, Ringit strengthened by 4.3750/3805 against Greenback, compared to the closure of 4.3760/3825 on Monday.
Bank Malaysia Malaysia BHD Chief Economist Dr. Mohammad Afzanim Abdul Rashid said that the result of the FOMC meeting will be known on Thursday and whether the Fed Fund rate will be retained at 4.50 percent.
He said that investors are particularly focused on how the FOMC members look at the approach to high inflation in light of a possible increase in import tariffs.
“Together the statement means what the language matters, especially how the FOMC members see the possibility of high inflation after a possible increase in import tariffs.
He said, “FOMC ahead of the two-day meeting, which will start from today, and a holiday-shorted week, we remove the ringt “He told Bernma.
Mohammad Afzanim said that the 10 -year -old American Treasury yield was less than 10 basis points, but on the contrary, the US dollar index (DXY) fell 0.09 percent to 107.341 points.
“Additionally, there is a flight for safety with the equity market; In particular, the sector related to technology declined significantly, worrying over the emergence of high evaluation and cheap Artificial Intelligence (AI) options from China, ”he said.
Meanwhile, Ringit did high business against major currencies.
It increased from 2.8313/8357 from 2.8313/8357 against Japanese Yen to 2.8249/8289 and increased against Euro to 4.5693/5968 to 4.5693/5750, and appreciated from 5.4643/4724 to 5.4508/4577 against British pounds.
However, Ringit did a mixed business against ASEAN currencies.
It proceeded against the Thai Baht from 12.9840/13.0110 to 12.9045/9302, increased from 3.2424/2470 to 3.2518/2569 against Singapore dollar, and increased slightly against Indonesian Rupia as compared to 270.5/270.6/2710. Went.
However, Ringit traded a flat against Philippine Peso at 7.48/7.50.
