- September 5, 2022
- Posted by: Stratford Team
- Category: Economy
At 9.01am, the local currency fell slightly to 4.4860/4900 against the greenback from Friday’s close of 4.4855/4870. ― Picture by Sayuti Zainudin
Monday, 05 Sep 2022 9:30 AM MYT
KUALA LUMPUR, Sept 5 — The ringgit continued its downward momentum from last week to open marginally lower against the US dollar today as investors reacted on the positive US jobs data released last week, an analyst said.
At 9.01am, the local currency fell slightly to 4.4860/4900 against the greenback from Friday’s close of 4.4855/4870.
However, Kenanga Research said despite the solid US jobs report and market expectations of another 75 basis points (bps) interest rate hike by the US Fedral Reserve (Fed), the local note is expected to trade stronger around the 4.47-4.48 level against the greenback this week.
“The ringgit is seen to benefit from Bank Negara Malaysia’s potential 25 bps overnight policy rate hike and European Central Bank’s widely anticipated…