The local currency appreciated to 4.4440/4465 against the US dollar, compared to Tuesday’s close of 4.4560/4600.
KUALA LUMPUR: The ringgit ended higher against the US dollar yesterday, buoyed by the US Federal Reserve’s (Fed) latest meeting minutes, which were perceived as less hawkish than anticipated and kept the rate-cutting narrative alive.
The local currency appreciated to 4.4440/4465 against the US dollar, compared to Tuesday’s close of 4.4560/4600.
SPI Asset Management managing director Stephen Innes attributed the greenback’s easing to the Fed’s Nov 6-7 meeting minutes, with Fed officials seeing more rate cuts ahead, albeit gradually.
The minutes revealed that Fed officials are cautiously weighing interest rate change, favouring gradual adjustments to support economic growth. — Bernama
