Ringgit extends gains against US dollar ahead of FOMC minutes
Markets will observe the US Federal Open Market Committee minutes for clues on the US Federal Reserve's monetary policy, says analyst.
KUALA LUMPUR - The Malaysian ringgit continued to rise against the US dollar, gaining momentum in the final minutes before the release of the US Federal Open Market Committee (FOMC) meeting minutes. Afzanizam Rashid, the chief economist at Bank Muamalat Malaysia Bhd, stated that market participants will closely monitor these minutes to gain further insights into the US Federal Reserve's (Fed) monetary policy stance.
The upcoming FOMC meeting minutes will guide market players in assessing the Fed's readiness for a potential rate hike. At 6 pm, the ringgit strengthened to 4.0565/4.0610 against the US dollar from its previous close of 4.0575/4.0615. By the end of the day, the local currency weakened against a range of major currencies, including the Japanese yen, British pound, euro, Indonesian rupiah, Thai baht, and Singapore dollar.
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- Ringgit extends gains against US dollar ahead of FOMC minutes freemalaysiatoday.com
