Ringgit pressured by expected US rate hike
KUALA LUMPUR: The ringgit lost ground against the US dollar this morning ahead of the United States Federal Open Market Committee (FOMC) meeting later today.
At 9.37 am, the local currency slid to 4.4545/4565 versus the greenback from Monday’s close of 4.4510/4540.
SPI Asset Management managing partner Stephen Innes said investors were bracing for a 75 basis point rate hike from the US Federal Reserve, which continued to pressure the ringgit from an interest rate differential perspective.,
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"The macro picture has changed as investors are shying away from risk assets due to global recessionary concerns,” he told Bernama.
The FOMC will commence its two-day meeting later today.
The local currency dipped against the Singapore dollar to 3.2167/2186 from Monday’s close of 3.2019/2042 and fell sharply versus the British pound to 5.3824/3848 from 5.3243/3273 yesterday.
It also declined versus the Japanese yen to 3.2672/2689 from 3.2599/2622 and depreciated vis-a-vis the euro to 4.5654/5675 from 4.5320/5346. - Bernama