KUALA LUMPUR: The ringgit continued to strengthen against the US dollar yesterday, hovering towards the RM4.05 level at the close after opening at RM4.06, as the constant attack by the Trump administration against the Federal Reserve (Fed) hurt market confidence and weakened the greenback.
At 6pm, the local currency rose to 4.0555/0600 versus the US dollar from Monday’s close of 4.0605/0660.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said it remains uncertain who will succeed Fed chair Jerome Powell by the middle of this year, with expectations that the new chairman could be dovish in his assessment of the state of the economy.
“By extension, this would translate into lower Federal Funds Rate this year,” he told Bernama.
