Ringgit rebounds as US Fed turns dovish – Enterprise Information

Ringgit higher against US$ backed by higher oil price - Business News

KUALA LUMPUR: The ringgit rebounded from yesterday’s loss to open barely increased in opposition to the US greenback at the moment, because the dollar weakened, amid dovish US Federal Reserve’s rate of interest hike expectations.

At 9.01 am,  the native observe was traded at 4.1610/1660 in opposition to the US greenback from Thursday’s shut of 4.1620/1670.

A vendor stated fading expectations on extra rate of interest hikes passed off after Fed Chairman Jerome Powell hinted that the Fed may decelerate the tempo of price will increase subsequent yr, from three projected in September.

“This has had a constructive influence on rising market currencies just like the ringgit,” he stated, including, the steadier crude oil costs additionally supported the ringgit’s efficiency.

Based on the vendor, traders are nonetheless keeing their eyes on new information, together with the US Unemployment Fee to be launched later at the moment, and the China commerce information tomorrow, for clearer funding route.

On the opening bell, the ringgit, nonetheless, traded principally decrease in opposition to different main currencies, besides the Japanese yen.

It weakened in opposition to the Singapore greenback to three.0386/0427 from 3.0362/0409 on Thursday, slipped in opposition to the euro to 4.7323/7388 from 4.7197/7262 and edged down in opposition to the pound to five.3173/3258 from 5.3016/3096.

Nonetheless, vis-a-vis the yen, the ringgit climbed to three.6918/6965  from 3.6953/6007. – Bernama

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