Ringgit opens weaker amid global interest rate hikes
The ringgit slips to 4.6035/6100 versus the greenback on June 8, 2023. – The Malaysian Insight file pic, June 8, 2023.
At 9am, the local note slipped to 4.6035/6100 versus the greenback compared with yesterday’s closing of 4.5950/6000. “The BOC unexpectedly raised its target overnight rate by 25 basis points to 4.75% after keeping it steady since its March meeting,” he told Bernama. The rate hikes showed that global central banks are not done with the interest rate hike cycle as they see the urgent need to bring inflation back to the target level, Afzanizam said.
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