Ringgit rises against dollar for 3rd consecutive day
The ringgit extends its uptrend against the US dollar for the third consecutive day on the expectation of a softer interest rate hike by the US Federal Reserve. – The Malaysian Insight file pic, March 22, 2023.
At 6pm, the local note rose to 4.4530/4580 versus the greenback compared with yesterday’s closing rate of 4.4690/4715. “Recent events in the US banking sector serve as a reminder that the outlook is still cautious and this begs the question of whether raising interest rates further is the right thing to do for the Fed,” he told Bernama.
“The US Treasury yield continues to remain inverted with the three-month yielding 4.57% versus the 10-year yield of 3.59%, giving a negative spread of 98 basis points. Typically, the inverted yield curve is a sign of a higher probability of recession in the US,” he added.
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