Ringgit ends firmer against dollar
The ringgit has closed higher against the US dollar today due to bargain-hunting as a result of the ringgit being in an oversold position, an analyst said. – The Malaysian Insight file pic, March 7, 2023.
At 6pm, the local note rose to 4.4710/4730 versus the greenback compared to yesterday’s closing rate of 4.4760/4800. “We expect the Fed chief to maintain his restrictive stand, which will be dollar positive in the near term,” he told Bernama. “Powell’s statement and Bank Negara Malaysia’s monetary policy committee meeting on Thursday along with US non-farm payroll data on Friday – all seem to be positive for the US dollar,” he said.
“Given the recent run of strong US data and higher inflation metrics, investors are waiting to hear if the US Federal Open Market Committee is entertaining the idea of a 50-basis-point hike in March.Innes said if Powell hints that the Fed will stick to 25 basis points, interest volatility will fall and the US dollar will drop as risk sentiment should be reduced.
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