The ringgit opened lower against the US dollar on Monday as investors maintained their positions for several key global events including the upcoming Federal Open Market Committee (FOMC) meeting.
At 9am this morning, the ringgit fell to 4.7715 against the US dollar from 4.7650 at Friday's close.
According to Bank Muamalat Malaysia Bhd's Chief Economist, Mohd Afzanizam Abdul Rashid said the FOMC is set to meet on May 1 and the market expects no change in rates and its stance.
Accordingly, the ringgit is likely to remain weak and the US dollar is expected to strengthen against other major economic currencies.
However, the ringgit traded mostly higher against a group of major currencies.
The ringgit rose against the Japanese yen to 3.0154/0216 from 3.0408/0451 at Friday's close and rose against the euro to 5.1098/1200 from 5.1157/1221 at the end of last week. However, it decreased against the British pound to 5.9711/9829 from 5.9644/9719 previously.
The ringgit traded mixed against Asean currencies.
It appreciated against the Thai baht to 12.8782/9084 from 12.8902/9120 last Friday and rose against the Indonesian rupiah to 294.3/295.0 from 293.9/294.4.
It also eased against the Philippine peso to 8.27/8.29 from 8.26/8.27 on Friday and fell against the Singapore dollar to 3.5033/5105 from 3.5021/5068 previously.
