Ringgit slides against greenback on US rate hike
SPI Asset Management managing partner Stephen Innes says inflation in the US has likely peaked, and the Federal Reserve should be reducing the size of rate hikes. – The Malaysian Insight file pic, January 5, 2023.
At 9am, the local note depreciated to 4.4015/4055 versus the US dollar from Wednesday’s close of 4.3960/4010. “This is consistent with how we envisioned the local foreign exchange market would move this week, with 4.40 being a formidable barrier as the lower natural gas and oil prices are not helping the ringgit.
“We expect a 25 basis points hike in February, which should be good news for the ringgit,” he told Bernama.
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