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THE ringgit opened slightly firmer against the US dollar on Wednesday as currency traders adopted a cautious stance ahead of a pivotal US Federal Open Market Committee (FOMC) meeting, where an interest-rate cut is overwhelmingly anticipated.
At 8am, the local currency stood at 4.1200/4.1300 against the greenback, marginally stronger than Tuesday’s closing level of 4.1275/4.1330.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid, said the ringgit was likely to remain confined within a tight trading band owing to a lack of new catalysts.
He noted that the US Dollar Index had slipped 0.06 per cent to 99.357 points, underscoring market expectations.
“The odds for an interest rate cut is more than 90 per cent,” he said, adding: “Today, expect ringgit to linger between RM4.12 and RM4.13.”
The ringgit also opened higher against several major currencies, appreciating to 5.4466/5.4599 against the British pound from 5.4528/5.4667, inching up to 4.7907/4.8024 against the euro from 4.7916/4.8038, and improving to 2.6451/2.6517 against the Japanese yen from 2.6545/2.6616.
Its performance against regional currencies was mixed. The ringgit strengthened against the Singapore dollar to 3.1788/3.1870 from 3.1836/3.1919 and firmed to 12.8625/12.9058 against the Thai baht from 12.8868/12.9296. It slipped slightly against the Indonesian rupiah to 247.8/248.5 from 247.6/248.4 and was virtually unchanged against the Philippine peso at 7.04/7.06 compared with 7.05/7.07.
Markets now await the FOMC’s decision, expected to set the tone for global currency movements for the remainder of the week. - December 3, 2025