Ringgit opens slightly higher against US dollar as markets eye 2027 Budget

KUALA LUMPUR: The ringgit opened slightly higher against the US dollar on Thursday as markets awaited the tabling of Budget 2027 for clues on the direction of the country's fiscal deficit.

At 8am, the ringgit rose to 4.0845/0895 against the greenback from Wednesday's close of 4.0850/0895.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit edged higher despite a stronger US dollar following the release of minutes from the Federal Open Market Committee (FOMC) meeting, which lifted the US Dollar Index (DXY) 0.40 per cent to 102.242 points.

"The ringgit remains range-bound as markets await Budget 2027 for clues on the fiscal deficit, particularly amid energy price shocks that are expected to affect the 3.5 per cent of gross domestic product target for 2026," he told Bernama.