At 9.05am, the ringgit rose to 4.7575/7625 against the greenback from Friday’s close of 4.7750/7800. — Picture by Miera ZulyanaKUALA LUMPUR, Oct 30 — The ringgit opened higher against the US dollar and other major currencies on the first day of trading for the week.
The financial markets are closely watching two upcoming events, namely the US Federal Open Market Committee meeting scheduled for Oct 31 to Nov 1 and the Monetary Policy Committee meeting of Bank Negara Malaysia on Nov 2.Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid said that based on general consensus among experts, it is anticipated that the United States Federal Reserve will likely maintain the Fed fund rate at 5.50 per cent.
“Similarly, market consensus suggests that Bank Negara Malaysia will likely keep its interest rate steady at 3.00 per cent,” he told Bernama.The ringgit rose against the Japanese yen to 3.1759/1795 from 3.1827/1862 at the close on Friday, edged up against the euro to 5.0253/0306 from 5.0438/0491, and increased versus the British pound to 5.7618/7679 from 5.7945/8005 previously.It appreciated against the Singapore dollar to 3.4729/4768 from 3.
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