Short-term rates are expected to remain steady today on Bank Negara Malaysia's (BNM) continuous intervention to absorb excess liquidity from the financial system.

The central bank estimated today's liquidity at RM34.26 billion in the conventional system and RM13.54 billion in Islamic funds.

BNM will conduct three conventional money market tenders, comprising RM2 billion for seven days, RM1.5 billion for 15 days and RM500 million for 30 days.

It will conduct a Qard tender of RM4.2 billion for seven days to 21 days, a commodity murabahah programme RM500 million for 30 days and a reverse repo tender of RM100 million for 30 days.

At 4pm, it will conduct an up to RM30.5 billion in conventional overnight tender and a RM8.9 billion overnight Qard.

Meanwhile, ringgit traded slightly higher against the US dollar today on improved buying interest and despite a decline in global crude oil prices, dealers said.

At 9am, the local unit improved against the greenback at 4.4550/4600 from 4.4580/4700 last Friday.

Global crude oil prices declined further amid concerns over the outcome of this week's meeting of the Organisation of Petroleum Exporting Countries (Opec).

Brent Crude was at US$46.40 per barrel, down 84 cents, while US West Texas Intermediate (WTI) crude fell 74 cents at US$45.32 per barrel.

Meanwhile, the ringgit was lower against other major currencies.

The local unit traded lower against the Singapore dollar at 3.1285/1325 from 3.1090/1191.

It declined against the yen to 3.9653/9701 from last Friday's 3.9174/9283.

The ringgit was also lower against the euro at 4.7334/7392 from 4.7023/7154 and weaker against the British pound at 5.5576/5652 from 5.5475/5643.

- Bernama