Business

Ringgit retreats against US dollar ahead of US fed decision

Malaysian currency retreats against greenback to 4.7225/7275 as of 6pm

Updated 3 years ago · Published on 28 Oct 2022 6:31PM

Ringgit retreats against US dollar ahead of US fed decision
The ringgit closes lower against the US dollar today in a losing streak ahead of the US Federal Reserve’s decision next week on interest rates. – The Vibes file pic, October 28, 2022

KUALA LUMPUR – The ringgit ended lower against the US dollar today, extending its losing streak ahead of the US Federal Reserve’s (Fed) decision next week on interest rates, said a dealer. 

At 6pm, the local note retreated against the greenback to 4.7225/7275 from 4.7155/7185 at yesterday’s closing.

SPI Asset Management managing director Stephen Innes noted that the ringgit suffered against the US dollar along with other Asian currencies.

“But if a 75-basis point hike is to be the base case when the US Federal Open Market Committee meets on November 2, it would harmful for the ringgit since the local interest rate hike will not match the pace of US rate hikes given the concerns about a domestic economic downturn,” he told Bernama. – Bernama, October 28, 2022

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