The ringgit continues to gain pressure as investors wait and see for the quarterly economic outlook from the Federal Open Market Committee (FOMC) meeting this week.
At 10.30am, the ringgit was at 4.4500, down 0.07% against the US dollar from its close of 4.4475 at the end of last Friday.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid stressed that the two-day FOMC meeting starting tomorrow will be the main focus this week.
He added that a 25 basis point cut has already been set but what is more important is the outlook for interest rates in 2025 especially with the new administration likely to use import tariffs to revive the US economy.
Meanwhile, the US Dollar Index (DXY) remained high at 107 points.
The ringgit showed mixed performance against major currencies.
It strengthened against the British pound at 5.6166/6241 from 5.6203/6266 on Friday but weakened against the Japanese yen at 2.8995/9036 from 2.8987/9022. The local currency also fell against the euro, trading at 4.6747/6810 from 4.6632/6684 previously.
Against its Asean peers, the ringgit traded lower. It weakened against the Singapore dollar to 3.2997/3044 from 3.2971/3011 and depreciated against the Thai baht to 13.0334/0621 from 13.0261/0472.
The local currency remained unchanged against the Indonesian rupiah at 277.7/278.2 and unchanged against the Philippine peso at 7.60/7.62.
