KUALA LUMPUR: The ringgit rebounded against the US dollar today amid tepid market sentiment as investors anticipate another quarter-point increase in the US federal funds rate in the upcoming Federal Open Market Committee meeting.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US Dollar Index was higher by 0.07% at 106.6.02 points. “The third quarter 2023 US gross domestic product growth was surprisingly stronger-than-expected at 4.9% quarter-on-quarter with investment surging 8.4% alongside strong out-turn in consumer spending which gained 4% from merely 0.8% in the prior quarter,” he told Bernama.
At 9am, the ringgit rose to 4.7770/4.7810 against the greenback from Thursday’s close of 4.7855/4.7885.The ringgit edged up against the Japanese yen to 3.1766/3.1795 from 3.1838/3.1860 at the close on Thursday, increased marginally against the euro to 5.0436/5.0478 from 5.0468/5.0500, but weakened versus the British pound to 5.7931/5.7979 from 5.7847/5.7883 yesterday.It rose against the Singapore dollar to 3.4871/3.4903 from 3.4900/3.4925 yesterday, strengthened against the Thai baht to 13.