Ringgit Remains Stable Against US Dollar, Shows Strength Against Other Currencies at Opening  

Source :  MalayMail

On November 24 in Kuala Lumpur, the ringgit showed minimal movement against the US dollar during the opening due to a lack of new buying interest, influenced by the low volatility associated with the Thanksgiving holiday in the United States. 

As of 9:05 am, the ringgit stood at 4.6785/6855 against the greenback, a slight change from the previous day’s closing at 4.6775/6830. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid anticipated the ringgit’s stability against the US dollar, hovering around RM4.68, as the absence of cues from the US post-Thanksgiving could influence the market. 

Today’s focus is on Malaysia’s consumer price index (CPI), expected to show a 1.9 percent figure for October based on consensus. This unchanged level suggests a stabilization in the inflation rate. Mohd Afzanizam explained that the overnight policy rate (OPR) is likely to remain steady in the short term, as positive real interest rates indicate a less accommodative monetary policy. 

In early trading, the ringgit exhibited strength against major currencies. It appreciated against the euro, Japanese yen, and British pound. Against other ASEAN currencies, the ringgit improved against the Singapore dollar and the Thai baht but went down against the Philippine peso. It remained flat against the Indonesian rupiah. The overall picture indicates a mixed performance against regional currencies. 

Note: This article is an original information from MalayMail and For the full details, please check the original source.