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Ringgit opens slightly lower against US dollar

At 9am, the local currency eased to 4.6465/6495 against the greenback from yesterday’s close of 4.6345/6390. ― Reuters pic

Friday, 07 Oct 2022 10:02 AM MYT

KUALA LUMPUR, Oct 7 ― The ringgit opened slightly lower against the US dollar this morning following hawkish comments from the United States (US) Federal Reserve (Fed) officials on raising the US interest rate by early 2023.

At 9am, the local currency eased to 4.6465/6495 against the greenback from yesterday’s close of 4.6345/6390.

SPI Asset Management managing partner Stephen Innes cited news reports which quoted Chicago Fed president Charles Evans saying that the US benchmark rate will probably be at 4.5-4.75 per cent by next spring as officials fret over high core inflation.

“Despite higher oil prices, the US dollar/ringgit pair should weaken this morning after the hawkish comments from the central banks, as higher US interest rates mean a stronger US…

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