KUALA LUMPUR, May 4 — The ringgit is expected to trade cautiously against the US dollar in the near term as investors continue to closely watch local and global economic developments moving forward, an analyst said.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said among others, the US Federal Reserve (Fed) chairman Jerome Powell has clearly indicated that the option for a rate rise is not in the central bank’s baseline scenario although it is still concerned over inflation rate.