KUALA LUMPUR: The ringgit opened little changed against the US dollar this morning on mixed market sentiment as concerns over global growth have escal...
: The ringgit opened little changed against the US dollar this morning on mixed market sentiment as concerns over global growth have escalated following the recent cut in policy rate by the People’s Bank of China , said an analyst.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the 10-year US Treasury yields were also high, implying that inflation premium remains visible which perhaps necessitates a prolonged restrictive monetary policy by the US Federal Reserve . “Presently, the support and resistant level for the USD/MYR is located at 4.6257 and 4.7495. At the moment, it appears ringgit is hovering closer to its support level,” he told Bernama.
It had weakened versus the euro to 5.0652/0718 from 5.0647/0696 and inched down against the British pound to 5.9305/9382 from 5.9196/9254 previously.
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