The Malaysian ringgit depreciated against the US dollar for the seventh consecutive trading day, closing at 4.4645/4690. The decline was attributed to subdued investor sentiment ahead of the US Federal Open Market Committee (FOMC) meeting. Markets anticipate a 25 basis point rate cut by the Federal Reserve, although some policymakers remain hesitant about further reductions.
KUALA LUMPUR: The ringgit ended slightly lower against the US dollar, marking its seventh consecutive trading day of losses amid subdued investor sentiment ahead of the two-day US Federal Open Market Committee meeting which starts later today.
SPI Asset Management managing partner Stephen Innes said the ringgit fluctuated throughout the day but ended slightly weaker as markets braced for a pivotal week of central bank meetings, particularly the US Federal Reserve .“Within the Fed, opinions are split: some policymakers question the wisdom of further rate cuts, while others remain skeptical about the benefits of the rate reductions undertaken so far,” he told Bernama.
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