Ringgit retreats against US dollar ahead of US fed decision

KUALA LUMPUR – The ringgit ended lower against the US dollar today, extending its losing streak ahead of the US Federal Reserve’s (Fed) decision next week on interest rates, said a dealer. 

At 6pm, the local note retreated against the greenback to 4.7225/7275 from 4.7155/7185 at yesterday’s closing.

SPI Asset Management managing director Stephen Innes noted that the ringgit suffered against the US dollar along with other Asian currencies.

“But if a 75-basis point hike is to be the base case when the US Federal Open Market Committee meets on November 2, it would harmful for the ringgit since the local interest rate hike will not match the pace of US rate hikes given the concerns about a domestic economic downturn,” he told Bernama. – Bernama, October 28, 2022