KUALA LUMPUR, Oct 23 — The ringgit opened lower against the US dollar due to higher demand for the greenback amidst the ongoing conflict in the Middle East. At 9am, the local...
At 9am, the local currency fell to 4.7750/7785 against the greenback from last Friday’s close of 4.7655/7700. — Picture by Miera ZulyanaKUALA LUMPUR, Oct 23 — The ringgit opened lower against the US dollar due to higher demand for the greenback amidst the ongoing conflict in the Middle East.
At 9am, the local currency fell to 4.7750/7785 against the greenback from last Friday’s close of 4.7655/7700. Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid said he expects the US Federal Reserve to remain hawkish in light of the current situation, boosting demand for the greenback.
“We believe the US dollar will continue to be well supported, given the ongoing geopolitical event in the Middle East as market participants seek refuge against extreme volatility,” he told Bernama.Meanwhile, the declining oil prices also influenced the ringgit’s retreat from its positive performance last Friday.It slipped against the euro to 5.0543/0580 from 5.0462/0510 at the close last Friday, decreased against the British pound to 5.8059/8102 from 5.
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