KUALA LUMPUR – The ringgit traded slightly higher against the US dollar at the opening as traders anticipated that the local currency would trade sideways while focusing on next year’s fiscal deficit targets, even as global banks continued to pursue easy monetary policies.
At 8 am, the ringgit edged up to 4.3050/3250 against the greenback from yesterday’s close of 4.3075/3105.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said Budget 2025, to be tabled at the Parliament later today is high on the agenda, with traders probably zooming in on next year’s fiscal deficit targets.
“They will also look into government measures to be announced to maintain the pace of fiscal consolidation while at the same time, continuing to provide support to the Malaysian economy,” he told Bernama. – October 18, 2024