Ringgit falls v dollar ahead of Fed meeting
The ringgit trades mostly lower against a basket of major currencies today. – The Malaysian Insight file pic, July 25, 2023.
As the US Federal Reserve is widely expected to raise interest rates by another 25 basis points, investors are looking forward to the accompanying statement to gauge the future outlook for rates. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said a rate hike would give an edge to the US dollar by widening the differential between the federal funds rate and overnight policy rate , making US assets more attractive.
“This may have an impact on their decision on labour hiring and capital expenditure. So, the case for central banks to be not overly restrictive is building up,” he told Bernama.
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