- September 22, 2022
- Posted by: Stratford Team
- Category: Economy
The ringgit depreciated against the US dollar today despite higher oil prices. — Picture by Sayuti Zainudin
Thursday, 22 Sep 2022 7:16 PM MYT
KUALA LUMPUR, Sept 22 — The ringgit depreciated against the US dollar today despite higher oil prices, said a dealer.
Additionally, the greenback improved after the United States Federal Reserve raised its benchmark interest rate by 0.75 per cent for the third consecutive time to tame inflation.
At 6pm, the local currency depreciated to 4.5660/5695 against the greenback from 4.5520/5550 at yesterday’s close.
According to Ambank Research, more rate hikes were expected in the next two meetings in November and December, and inflation is envisaged to remain sticky.
“Hence, our baseline suggests that the Fed rates should settle at 4.25 per cent to 4.50 per cent, while the upside is at 4.50 per cent and 4.75 per cent by the end of 2022,” it said in a note today.
According to a news report, the Fed has…
