KUALA LUMPUR: The ringgit opened higher against the US dollar, supported by expectations that the possibility of a US Federal Reserve (Fed) interest rate hike at its September meeting has receded, an economist said.
At 8am, the local currency strengthened to 4.0565/4.0625 against the greenback from Tuesday’s close of 4.0575/4.0615.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the focus now will be on the Federal Open Market Committee (FOMC) minutes, which will be released today, as the market would want to seek affirmation that the Fed is not in a hurry to tighten its monetary stance.
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