Ringgit easier vs US$ amid expectations of tight US monetary policy

KUALA LUMPUR: The ringgit opened lower against the US dollar today due to expectations that the United States Federal Reserve will maintain its tight monetary policy stance, thus supporting the dollar, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid .

At 9.01 am, the ringgit declined to 4.7420/7465 versus the greenback from last Friday’s close of 4.7385/7410. Mohd Afzanizam said this week, market players would focus on the US inflation data with the Producer Price Index and the Consumer Price Index reports coming out on Tuesday and Wednesday."The Fed seems to be fixated on bringing down the inflation towards its two per cent target despite signs of emerging economic weaknesses,” he added.

At the current juncture, markets seem to hope that the Fed will shift its focus from inflation to growth, but this seems to be unlikely right now, given the still elevated inflation rate, he told Bernama.It appreciated versus the Japanese yen to 3.0407/0438 from 3.0428/0446 at the close last Friday, edged up against the euro to 5.1062/1110 from 5.1072/1098 previously but fell vis-a-vis the British pound to 5.9370/9426 from 5.9364/9395 last week.The ringgit rose against the Singapore dollar to 3.

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