Ringgit opens lower against greenback on potential US interest rate hike

At 9 am, the local currency slipped to 4.4220/4245 versus the greenback from Monday's close of 4.4170/4185.

He said the US dollar remained the highly sought after currency since last Friday after the May consumer price index came in higher than expected. "For 2023, the benchmark rate forecast would be at 2.8 per cent from the previous estimates of 1.6 per cent and similarly, for 2024, the Fed Fund Rate projection would be at 2.8 per cent from 2.1 per cent previously," he told Bernama.

"We believe the Fed would not want to contract economic activities but rather strive to ensure the economy undergoes a soft landing as keeping the right balance between sustainable inflation rate and growth is a delicate business.

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ringgit opens lower against US dollar on cautious sentimentKUALA LUMPUR, June 13 — The ringgit opened lower against the US dollar today as the greenback continued to strengthen on cautious sentiment ahead of the US Federal Reserve’s...
Source: malaymail - 🏆 1. / 86 Read more »

Ringgit closes lower against US dollarKUALA LUMPUR, June 13 — The ringgit extended its downtrend from last Friday to end lower against the US dollar today in line with most other regional currencies, as more...
Source: malaymail - 🏆 1. / 86 Read more »

Ringgit ends lower against US dollarKUALA LUMPUR: The ringgit extended its downtrend from last Friday to end lower against the US dollar today in line with most other regional currencies, as more investors shifted towards safe-haven assets, a dealer said.
Source: staronline - 🏆 4. / 75 Read more »

Lynas secures US$120m Pentagon contract for US rare earths facilityIt will build a commercial heavy rare earths separation facility in Texas.
Source: malaysiakini - 🏆 20. / 51 Read more »