KUALA LUMPUR, June 17 — The ringgit lost its ground against the US dollar at the opening today, as the greenback surged after the US Federal Reserve hinted to raise interest rates in 2023.
Describing the Fed’s rate hikes signal as a “hawkish surprise”, a dealer said the news had caused capital outflows from emerging markets, including Malaysia, hence, making their currencies depreciated against the greenback. Although the ringgit was hampered by the US interest rate news, the dealer said the retreat, however, was capped by the Malay Rulers’ decision that there was no necessity to place the country under the state of Emergency rule after August 1, 2021, hence, boosting investor confidence in the country.
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