KUALA LUMPUR: The ringgit ended higher against a basket of major currencies but slid against the US dollar yesterday, as the greenback remained well supported despite waning expectations of an interest rate hike by the United States Federal Reserve or Fed.
At 6pm, the ringgit fell to 4.0830/4.0875 against the US dollar from Wednesday’s close of 4.0785/4.0820.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid noted that the ringgit traded in a narrow range of RM4.0820 to RM4.0875 against the US dollar yesterday.
“The odds of a US rate hike have gone down to below 50% from more than 70% previously.
“This is following the release of the latest personal consumption expenditure or PCE inflation rate data, which was below market expectations.
“Despite that, the US dollar remains well supported with the US dollar Index rising by 0.3% to 101.759 points,” he told Bernama.
