KUALA LUMPUR, May 19 — The ringgit slid further to open lower at RM4.4 against the US dollar, the lowest since March 2020 following a hawkish stance by the US Federal Reserve to tighten its monetary policy.
“Higher inflation rate is taking a toll on the consumer sector as business costs are rising, affecting their profit margin. On Tuesday, Fed chair Jerome Powell said the Fed would keep raising rates until inflation comes down. “So, the major central banks are really in a tough spot as they need to weigh between rising inflationary pressures and ensuring economic growth remains robust,” he said.
It looks like it would fall further but our politicians always gives excuses instead of admitting and take steps to rectify the situation.
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