THE ringgit opened Thursday unchanged against the US dollar, as investors remained cautious ahead of the release of the United States' personal consumption expenditures (PCE) inflation report — a key gauge closely watched by the Federal Reserve.
At 8am, the local unit stood at RM4.2335/2365 versus the greenback, the same level as Wednesday’s closing rate.
Bernama reported Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid, saying the ringgit is likely to trade between RM4.22 and RM4.24 in the near term, as markets prepare for fresh guidance from US monetary authorities.
“There may be some profit-taking activity as traders brace for new signals from the Federal Reserve,” he said, adding that the US Dollar Index was hovering near the 98-point mark due to continued market anxiety over potential policy moves.
Dr Afzanizam also referenced remarks by Richmond Fed President Tom Barkin, who indicated that only modest adjustments to interest rates could be expected at the central bank’s September meeting.
Against a basket of major currencies, the ringgit was lower. It slipped to 4.9312/9347 against the euro from 4.9058/9093 at the previous close, weakened to 2.8737/8759 against the Japanese yen from 2.8591/8611, and eased to 5.7169/7210 against the British pound from 5.6890/6930.
The local note also traded mostly lower against regional peers. It declined to 3.2940/2966 against the Singapore dollar from 3.2843/2869, and to 13.0631/0784 against the Thai baht from 13.0330/0474. It was flat, however, at 7.40/7.41 against the Philippine peso and steady at 258.6/258.9 against the Indonesian rupiah. - August 28, 2025
