The Malaysian ringgit has seen positive performance this week, extending gains against the US dollar for the third consecutive session on Friday. This is attributed to a declining US dollar, with expectations of a US interest rate cut. The upcoming US Federal Open Market Committee (FOMC) meeting on Dec 17-18 is expected to cut rates by 25 basis points.
The ringgit ended the week positively, extending gains against the American dollar for the third straight session on Friday ahead of the closely watched US payrolls data later tonight. — Bernama picas a first-time user . Exclusively for Malay Mail readers: Use codeKUALA LUMPUR, Dec 6 — The ringgit ended the week positively, extending gains against the American dollar for the third straight session on Friday ahead of the closely watched US payrolls data later tonight.
At 6pm, the local currency advanced to 4.4170/4220 against the US dollar, compared to Thursday’s close of 4.4250/4305.Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit has continued its positive performance amid a declining US dollar on the expectation of a US interest rate cut in the middle of this month.
“The US Dollar Index was hovering at around 105 points after remaining at 106 points for the past few days. Data points from the United States this week have been supportive of a 25 basis points rate cut in the upcoming US Federal Open Market Committee meeting on Dec 17-18. This has translated into further support for the ringgit,” he told Bernama.It weakened versus the British pound to 5.6352/6416 from 5.6286/6356, depreciated against the euro to 4.6719/6771 from 4.
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