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Ringgit opens stronger vs US$, major currencies

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At 9 am, the local note rose to 4.5240/5290 against the greenback compared with 4.5470/5505 at Wednesday’s close.

According to a dealer, the Fed’s move to raise the Fed Fund Rate by 25 basis points to 5.50 per cent was expected as it continued to battle persistent inflation in the US economy.

Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid said this showed that the US central bank would be data dependant in its determination to bring the US inflation rate down towards the 2.0 per cent target.

 

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