KUALA LUMPUR, Nov 9 — The ringgit opened lower against the US dollar today amid rising concerns over the future prospect for the US Federal Reserve Funds Rate, said an analyst.
At 9am, the ringgit fell to 4.6905/6955 versus the greenback from Wednesday’s closing rate of 4.6800/6860.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the currency market appeared to be directionless in the past two days as participants were still unsure about the prospect of the Fed Funds Rate ahead of the US Federal Open Market Committee (FOMC) meeting scheduled on Dec 12-13. — Bernama