Fed’s rate hike pause could benefit ringgit, says analyst

The local currency has been in an oversold position for an extended period, he notes.

PETALING JAYA: The ringgit opened higher against the US dollar today after the Federal Open Market Committee decided to keep the federal funds rate steady at a range of 5.25% to 5.5% last night.

“The term ‘financial’ likely refers to the significant increase in long-term US treasury yields, which has reduced the need for the Fed to implement additional monetary tightening measures,” he told Bernama.

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