Ringgit trims earlier gains to end lower against dollar
The ringgit trims its earlier gains to end lower against the US dollar today, amid continued expectations over rising US interest rates. – The Malaysian Insight file pic, April 25, 2023.
At 6pm, the local note was traded lower at 4.4480/4520 versus the greenback from 4.4350/4395 at last Thursday’s close. “Major central banks such as the European Central Bank and the Bank of England are expected to maintain their hawkish stance as the inflation rate remains stubbornly high amidst a tight labour market condition, implying wages are still rising at a decent pace.
SPI Asset Management managing director Stephen Innes said despite a flurry of positive domestic currency news in Asia, the emerging market Asia foreign exchange had struggled to perform versus the US dollar last week.
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