Ringgit extends downtrend against dollar
The ringgit slides to 4.6235/6280 against the US dollar from 4.6195/6235 at yesterday’s close. – The Malaysian Insight file pic, June 15, 2023.
At 6pm, the local note finished at 4.6235/6280 against the greenback from 4.6195/6235 at yesterday’s close. “That guidance was more hawkish than what the market expected, and, in turn, the US dollar strengthened against the ringgit. But after the initial hawkish shock is digested, the market will place more weight on economic data and inflation metrics rather than the Fed guidance,” he said.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the projected Fed fund rate of 5.6% by year end from the previous forecast of 5.1% suggested that the Fed would remain hawkish on their monetary policy stand.Meanwhile, the ringgit traded mostly lower against a basket of major currencies.
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