Ringgit starts higher despite US dollar safe-haven appeal

Kuala Lumpur: The ringgit opened higher against the US dollar today although the greenback’s appeal as a safe-haven currency remained firm amid the risk-averse sentiment surrounding the market.

The US dollar also gained additional ground following Federal Reserve chair Jerome Powell’s hawkish statement which stated that the US central bank may need to keep rates higher for longer as inflation remains sticky, said an analyst.At 9am, the local currency rose to 4.7905/4.7950 versus the US dollar from Tuesday’s closing of 4.7945/4.7970.

SPONSORED CONTENT Sabah revenue hits RM6.97 billion: Hajiji says GRS State Government may see full term Kota Kinabalu: The Sabah Government continued its momentum in managing the economy in line with the commitment and spirit of the Sabah Maju Jaya when it posted record high state revenue of RM6.973 billion last year. Read more “The still high inflation rate along with sturdy economic growth in the US has led the market to reassess their anticipation for monetary easing this year,” he said.

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