The ringgit opened marginally higher at against the US dollar on Wednesday as investors stayed cautious ahead of US midterms and BNM’s MPC meeting

KUALA LUMPUR: The ringgit opened marginally higher against the greenback on Wednesday as investors remain cautious ahead of results from the United States (US) midterm elections and Bank Negara Malaysia’s (BNM) Monetary Policy Committee (MPC) meeting tomorrow, said an analyst.

At 8 am, the local currency edged up to 4.0730/0795 against the US dollar from Tuesday’s close of 4.0735/0775.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul 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.