Thursday, February 2, 2023



Ringgit closes higher against the US dollar on the back of a low Fed rate hike.

The ringgit closed higher against the US dollar today after the Federal Reserve of the United States (Fed) raised interest rates by a quarter-percentage point.

At 6 p.m., the ringgit was trading at 4.2445/2490 per dollar, down from the previous day's close of 4.2655/2700.

According to SPI Asset Management managing partner Stephen Innes, the US dollar took a beating overnight as a result of the market's less hawkish interpretation of the Fed's forward guidance.

"The ringgit, however, likely declined from the intraday highest level at 4.2250 due to weaker US industry and some follow-on poor China's Purchasing Managers Index from yesterday (against the US dollar).

"However, the ringgit continued to close with a higher bias, he told Bernama.

The ringgit was largely trading down versus a group of major currencies at the closing.

The local currency fell from its closing level of 3.2386/2425 on Tuesday to 3.2498/2534 versus the Singapore dollar and decreased from 3.2713/2750 to 3.2924/2961 against the Japanese yen.

The ringgit, however, improved from 5.2559/2615 to 5.2381/2437 against the British pound but declined from 4.6187/6236 to 4.6685/6735 against the euro. The Bernama

Ringgit closes higher against the US dollar on the back of a low Fed rate hike.

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Ringgit closes higher against the US dollar on the back of a low Fed rate hike.