Next week’s ringgit trends to track US interest rate
The ringgit is expected to hover between RM4.43 and RM4.45 against the US dollar as it tracks th US interest rate next week. – The Malaysian Insight file pic, April 22, 2023.
He said the market will continue to focus on the US interest rate, which will dominate foreign exchange markets.Week-on-week, the ringgit traded lower against the US dollar at 4.4350/4395 against last Friday’s close of 4.4000/4025. The impact on the ringgit was cushioned by China’s economic data, which showed its gross domestic product for the first quarter of 2023 grew more than expected – by 4.5% compared with 2022’s 2.9% against consensus estimates of 4%.The local note traded mostly lower against a basket of major currencies compared with last week.
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