Ringgit Opens Stronger Against Major Currencies Amid US-Iran Uncertainty
The Malaysian ringgit started Tuesday's trading session on a positive note, appreciating against most major currencies. The local currency opened at 4.0850/0900 against the US dollar, slightly higher than Monday's close of 4.0835/0875.
However, the ringgit did not fare as well against its American counterpart due to lingering uncertainty over US-Iran negotiations and potential interest rate hikes in the United States. Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, believes that traders and investors will be focused on the upcoming US Federal Open Market Committee (FOMC) meeting scheduled for July 28-29.
As a result, the ringgit-US dollar pair is expected to trade within a narrow range today. The local currency also performed well against other major currencies, rising against the Japanese yen, euro, and British pound.