KUALA SELANGOR: The ringgit exchange rate depended on the country’s economic fundamentals and is also influenced by interest rates in the United States (US), Minister of Finance Tengku Datuk Seri Zafrul Tengku Abdul Aziz said.
He said the US Federal Reserve’s (US Fed) announcement on Wednesday, which raised the benchmark lending rate by 0.75 percentage points, has elevated the lending rate in the world’s largest economy to four per cent compared with Malaysia’s current level of 2.5 per cent.
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