KUALA LUMPUR, June 13 — The ringgit further strengthened against the US dollar at the close today following a decline in the US Dollar Index (DXY), and despite the United...
At 6pm, the ringgit rose to 4.7070/7110 versus the greenback from yesterday’s close of 4.7160/7185. — Picture by Miera ZulyanaKUALA LUMPUR, June 13 — The ringgit further strengthened against the US dollar at the close today following a decline in the US Dollar Index , and despite the United States Federal Reserve likely to perform only a one-time rate cut this year instead of three, said an analyst.
“The odds for a rate cut is building up for September and December based on the interest rate futures contract, indicating that the market believes that rate cut will happen twice this year,” he told Bernama.The local unit strengthened versus the Japanese yen to 2.9945/9972 from yesterday’s close of 2.9977/9995 but slid against the euro to 5.0840/0884 from 5.0711/0738 yesterday, and depreciated vis-a-vis the British pound to 6.0160/0211 from 6.0157/0189 previously.
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