At 9 am, the local currency slipped to 4.4220/4245 versus the greenback from Monday's close of 4.4170/4185.
He said the US dollar remained the highly sought after currency since last Friday after the May consumer price index came in higher than expected. "For 2023, the benchmark rate forecast would be at 2.8 per cent from the previous estimates of 1.6 per cent and similarly, for 2024, the Fed Fund Rate projection would be at 2.8 per cent from 2.1 per cent previously," he told Bernama.
"We believe the Fed would not want to contract economic activities but rather strive to ensure the economy undergoes a soft landing as keeping the right balance between sustainable inflation rate and growth is a delicate business.
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