The US Fed might keep the interest rate steady and a hawkish statement may support the greenback, says analyst.
KUALA LUMPUR: The ringgit ended lower against the greenback yesterday as investors awaited the US Federal Reserve’s decision later tonight on the country’s interest rate.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US dollar Index continued to gain strength today as market participants awaited the Fed’s decision tonight. “While we believe the Fed might keep the rate steady, a potential hawkish statement would provide support to the US dollar,” he told Bernama.
He said the Bank of Japan’s decision to lift the upper band of its yield curve control to 1% suggested that it continues to remain dovish in rolling back excessive monetary policy easing.At 6pm, the ringgit fell to 4.7695/4.7735 against the greenback from yesterday’s close of 4.7615/4.7655.It rose against the Japanese yen to 3.1540/3.1569 from 3.1588/3.1616 at yesterday’s close, strengthened versus the euro to 5.0313/5.0356 from 5.0729/5.0772 and gained against the British pound to 5.7897/5.
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