- September 13, 2022
- Posted by: Stratford Team
- Category: Economy
KUALA LUMPUR (Sept 13): The ringgit slid further against the US dollar at the opening, due to increased demand for the greenback, as the US Federal Reserve (Fed) reaffirmed its commitment to keeping inflation under control, sustaining expectations of substantial interest rate hikes by the American central bank.
At 9.10am on Tuesday (Sept 13), the local currency had slid to 4.5030/5055 against the greenback, from 4.5010/5045 at Monday’s close.
ActivTrades trader Dyogenes Rodrigues Diniz said the greenback continued to rise against the ringgit, which is now trading above the 4.50 level.
Fed chairman Jerome Powell said he believes that US economic tightening will have few social consequences for the least well-off.
“Overall, this statement reiterates the Fed’s current position on a more restrictive monetary policy. This position should be maintained for some time, as employment data points to a strong job market and inflation remains high,”…
