Ringgit rallies against US dollar as Fed rate hike hopes dims
KUALA LUMPUR, Aug 19 — The ringgit opened higher against the US dollar, supported by expectations that the possibi...
The ringgit opened higher against the US dollar, supported by expectations that a US Federal Reserve interest rate hike at its September meeting is less likely. At 8 am, the local currency strengthened to 4.0565/0625 against the greenback from Tuesday’s close of 4.0575/0615, according to Malay Mail.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam, cited by Malay Mail, and Afzanizam Rashid, cited by Free Malaysia Today, said the focus now will be on the Federal Open Market Committee minutes, which will be released that day. The market will seek affirmation that the Fed is not in a hurry to tighten its monetary stance.
The ringgit's exchange rate was reported as 4.0565/4.0625 against the US dollar by Free Malaysia Today, slightly differing from Malay Mail's 4.0565/0625, and Tuesday's close was 4.0575/4.0615 and 4.0575/0615 respectively.
Brief written by urgent.news from Malay Mail, Free Malaysia Today — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
