Ringgit higher on moderate demand for the local note

KUALA LUMPUR: The ringgit opened higher against the US dollar in early trade today due to sluggish demand for the greenback after the US Federal Reserve held interest rates on hold and signalled it would not be changed anytime soon, said dealers.

At 9am, the ringgit was traded at 4.1520/1570 against the greenback from 4.1630/1660 at yesterday’s close. AxiTrader chief Asia market strategist, Stephen Innes said the Fed’s less hawkish move offered mild disappointment for the dollar bulls. “The ringgit has opened on a favourable tone on the back of the less hawkish Fed, and firm oil prices supported by the latest Opec+ agreement,” he told Bernama.The local note declined against euro to 4.6237/6309 from 4.6139/6180 and trimmed against the British pound to 5.4835/4906 from 5.4689/4745 at yesterday’s close.

It improved against the yen at 3.8271/8324 from 3.8298/8333 and better against Singapore dollar to 3.0601/0650 from 3.0613/0639 previously.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

After year of living dangerously, Fed likely to signal time to lay low | Malay MailWASHINGTON, Dec 11 — The US Federal Reserve holds its last policy meeting of 2019 today, having completed a year-long U-turn that saw it abandon a tightening cycle and lower borrowing costs three times in response to the global trade war. The policy shift has slashed officials’ forecast for the...
Source: malaymail - 🏆 1. / 86 Read more »