KUALA LUMPUR, March 21 — The ringgit appreciated against the US dollar at the close today, supported by positive sentiment as the US Federal Reserve (Fed) seemed unlikely to cut...
KUALA LUMPUR, March 21 — The ringgit appreciated against the US dollar at the close today, supported by positive sentiment as the US Federal Reserve seemed unlikely to cut interest rates in the near term, said an analyst.
At 6 pm, the ringgit appreciated to 4.7140/7170 against the greenback from yesterday’s close of 4.7335/7400. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the Fed maintaining its view of three rate cuts this year has helped to improve market sentiment.“The Federal Open Market Committee’s decision yesterday was a clear indication that the rate cut thesis remains intact.He noted that Bank Negara Malaysia has also continued to reiterate that the ringgit is undervalued, paving the way for possible appreciation later in the year.
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