Malaysian ringgit falls to 4.085 versus US dollar after first Fed rate hike since 2023
KUALA LUMPUR, Sept 17 — The ringgit opened lower against the US dollar on Thursday as the greenback strengthened f...
KUALA LUMPUR, Sept 17 — The Malaysian ringgit slipped against the US dollar following the first Federal Reserve rate hike since 2023, as the currency lost ground after the US central bank signaled a more restrictive monetary policy to achieve price stability. The ringgit opened at 4.0855/0910 against the greenback, down from Tuesday’s close of 4.0835/0880.
Bank Muamalat Malaysia Bhd chief economist, Dr Mohd Afzanizam Abdul Rashid, attributed the decline to the highly anticipated Federal Open Market Committee (FOMC) decision, which indicated a more restrictive monetary stance and multiple rate hikes in 2024. The US dollar index (DXY) remained strong at 100.322 points, while US Treasury yields increased, pushing the ringgit lower against the US dollar and other major currencies.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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