KUALA LUMPUR, Jan 18 — The ringgit opened lower against the US dollar today ahead of Bank Negara Malaysia’s Monetary Policy Committee’s meeting on Jan 20, an analyst said.
Speaking to Bernama, Bank Islam Bhd chief economist Mohd Afzanizam Abdul Rashid said as there is a lot of talks of an earlier rate hike in the US, the attention would be on the latest BNM’s MPC assessment on the prevailing economic condition, particularly the rising inflation rate and what it means in terms of overnight policy rate .
“However, rising Brent crude oil price and US weak retail sales data are expected to hold the US dollar index below the 96.0 mark,” it said in a note.
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