The local currency strengthens to 4.1130/4.1225, recovering from a sharp decline in the previous session.The local currency strengthens to 4.1130/4.1225, recovering from a sharp decline in the previous session.
Ringgit edges higher against US dollar on cautious Fed outlook
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KUALA LUMPUR: The ringgit opened higher against the US dollar today, recovering from yesterday’s sharp decline amid cautious market sentiment following the US Federal Reserve’s (Fed) latest policy decision.
At 8am, the local currency strengthened to 4.1130/4.1225 against the greenback from 4.1145/4.1195 at Thursday’s close.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US Dollar Index (DXY) remained elevated at 100.85 points following the Federal Open Market Committee’s (FOMC) decision, with investors focusing on the Fed’s interest rate projections.
MORE TO COME
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