At 9am, the ringgit eased to 4.7665/7710 versus the greenback from yesterday’s close of 4.7650/7700. — Picture by Sayuti ZainudinKUALA LUMPUR, April 30 ― The ringgit opened marginally lower against the US dollar today ahead of the highly anticipated Federal Open Market Committee meeting which will begin tonight.
Moreover, he said, there is the ISM manufacturing index for the US manufacturing sector which is expected to decline slightly to 50.1 points this month from 50.3 points in March. “On that note, we can expect the ringgit to be well supported today. Apart from technical charts suggesting an oversold condition in the ringgit, weaker-than-expected US data points could provide some support for the ringgit,” he said.Mohd Afzanizam said cautious trade is expected meantime as the US Federal Reserve is likely to keep its hawkish stance on monetary policy.The ringgit appreciated versus the Japanese yen to 3.0395/0427 from 3.
Source: News Formal (newsformal.com)
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