KUALA LUMPUR, Nov 25 — The ringgit extended its downtrend for the fourth consecutive day to open lower against the US dollar amid expectations for a faster tapering process and possible rate hikes by the Federal Reserve, an analyst said.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid the US Federal Open Market Committee meeting minutes indicated that the committee members would not hesitate to address inflationary pressures, implying that the tapering process could be quickened and a rate hike could happen sooner.
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