KUALA LUMPUR: The ringgit rose marginally against the greenback at the closing yesterday as the US Dollar Index declined due to expectations of a US Federal Reserve (Fed) rate cut.
At 6pm, the ringgit increased to 4.6805/6835 versus the US dollar from last week’s closing of 4.6840/6875.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama the ringgit is well supported at RM4.68 yesterday, while the equities market appears to be undergoing further correction.
He noted that investors are awaiting the release of Global Purchasing Managers Index and gross domestic product data this week to gain insights into US economic conditions.
The dovish sentiment surrounding the Fed’s policy stance is putting pressure on the US dollar.
