The ringgit retained its position as one of the top performing currencies in the Asian region.
KUALA LUMPUR: The ringgit has continued to strengthen against the US dollar, hitting a 28-month high versus the greenback after the US Federal Reserve (Fed) kept to its words and delivered a 50-basis-point interest rate cut last night, an analyst said.
At 6pm, the local note surged to 4.2025/2105 versus the greenback from Wednesday’s close of 4.2410/2460, retaining its position as one of the top performing currencies in the Asian region.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid told Bernama the Fed’s announcement had alleviated market uncertainties, adding that the Fed seems to be on track to ensure a soft landing for the US economy.
He also noted that the disinflationary trend would persist, allowing the Fed to focus on maximum employment.
