Ringgit reverses gains against US dollar following OPEC+’s surprise move

Ringgit reverses gains against US dollar following OPEC+’s surprise move FMTNews FMTBusiness

KUALA LUMPUR: The ringgit retreated from its gains last week to open lower against the US dollar this morning as the surprise move by the Organisation of Petroleum Exporting Countries and its allies over the weekend affected market sentiments, said an economist.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the move may seem to suggest that inflation could stay elevated if oil prices remain on the high side. Similarly, the US Automatic Data Processing Non-Farm Employment Change is expected to decline to 200,000 in March from 242,000 in February while the Non-Farm Payroll is estimated to fall to 240,000 in March from 311,000 in February.

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