At 9.01am, the local currency was steadily trading at 4.0980/1030 against the US dollar from yesterday's close of 4.0960/1000. — Reuters picKUALA LUMPUR, April 27 ― The ringgit opened marginally lower against the US dollar today as the focus has now shifted towards the US Federal Reserve’s Open Market Committee meeting later today, an analyst said.
The analyst said although sentiments should improve for the ringgit based on positive economic indicators, the current situation seemed volatile as investors turned into consolidation mode ahead of the two-day FOMC monetary policy meeting this week. Meanwhile, Edward Moya, OANDA’s senior market analyst for The Americas, said the FOMC policy decision should be boring as policymakers are widely expected to keep policy steady while committing to no changes over interest rates or asset purchases, despite the accelerating economic recovery.