KUALA LUMPUR: The ringgit opened higher against major currencies but was little changed against the US dollar on Tuesday, amid expectations that the possibility of a US interest rate hike in September has dropped, an economist said.
At 8am, the local currency stood at 4.0585/4.0675 against the greenback from Monday’s close of 4.0585/4.0630.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said that if lower odds of a US interest rate hike hold, this would support emerging market currencies, including the ringgit.
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