Ringgit ends lower against US dollar as investors await FOMC decision
KUALA LUMPUR: The ringgit ended lower against the US dollar on Tuesday as investors remained cautious ahead of the two-day US Federal Open Market Committee (FOMC) meeting, which begins tonight, an analyst said.
The Malaysian ringgit closed lower against the US dollar on Tuesday due to investor caution ahead of the Federal Open Market Committee (FOMC) meeting, an analyst reported. By 6pm, the local currency fell to 4.0835/0880 from Monday's close of 4.0735/0770. Dr Mohd Afzanizam Abdul Rashid, the chief economist at Bank Muamalat Malaysia Bhd, stated that the probability of a US rate hike this week stood at 92.3 percent, according to data from the CME FedWatch tool.
The CME FedWatch provides market expectations for the US Federal Reserve's interest-rate decisions. Consequently, the US Dollar Index (DXY) increased by 0.25 percent to 99.641 points while the 10-year US Treasury note yield surpassed the 5.00 percent level. Other Asian currencies, including the Indonesian rupiah, Thai baht, and Singapore dollar, also weakened against the US dollar during the same period, the analyst told Bernama.
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- Ringgit ends lower as investors await FOMC decision freemalaysiatoday.com
