Ringgit Opens Slightly Lower Amid Awaited Q1 GDP Announcement, U.S. Fed Rate Pause

Closeup of Malaysia Ringgit currency notes and coins

The ringgit opened marginally lower against the US dollar on Friday as investors awaited the announcement of the first quarter 2024 gross domestic product (GDP) performance. The local currency is expected to remain resilient in the near term.

This follows the performance of the US Dollar Index (DXY), which has been declining due to the US Federal Reserve’s decision not to hike interest rates, offering relief to markets and the economy.

At 9 a.m., the ringgit was slightly down to 4.6850/6880 against the greenback from Thursday’s closing of 4.6810/6850.

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