KUALA LUMPUR: The ringgit opened marginally higher against the greenback on Wednesday as investors remain cautious ahead of results from the US midterm elections and Bank Negara Malaysia’s (BNM) Monetary Policy Committee (MPC) meeting tomorrow, said an analyst.
At 8am, the local currency edged up to 4.0730/4.0795 against the US dollar from yesterday’s close of 4.0735/4.0775.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said market sentiment is expected to remain cautious as investors monitored developments surrounding the US midterm elections, with the rising cost of living, particularly petrol prices, likely to be a key concern among voters.
“Today, all eyes will be on the US midterm elections as American citizens cast their votes. Higher cost of living, particularly gas prices, which remain above US$4 per gallon, especially during the election, is seen as a key deciding factor among voters.
