Ringgit slightly higher on expectations of Fed rate cut

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Ringgit slightly higher on expectations of Fed rate cut
RinggitUS DollarMohd Afzanizam Abdul Rashid
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The 66-year-old and his co-stars only managed to traverse a small portion of the street as many people recognised them and stopped to take photos, which blocked the path.

KUALA LUMPUR: The ringgit rose marginally against the greenback at the closing today as the US Dollar Index declined due to expectations of US Fed eral Reserve rate cut.

Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is well supported at RM4.68 today, while the equities market appears to be undergoing further correction. The dovish sentiment surrounding the Federal Reserve's policy stance is putting pressure on the US dollar.

"The so-called Trump Trades, which revolve around expansionary fiscal policies and increased friction with China, have made market sentiments edgy,” he told Bernama.The local currency retreated versus the Japanese yen to 2.9869/9892 from 2.9760/9786 at Friday’s close, fell against the British pound to 6.0514/0553 from 6.0452/0497 and declined vis-a-vis the euro to 5.0971/1003 from 5.0957/0995 previously.It appreciated against the Philippine peso to 8.01/8.03 from 8.03/8.

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