tags - Sinar Daily

The ringgit rose against the US dollar in the early session today as the United States Federal Reserve officials continued their hawkish stance, favouring another 25 to 75 basis points interest rate hike in the near term.

Bursa Malaysia opened lower today due to the possibility of yet another interest rate hike by the United States (US) Federal Reserve during the next Federal Open Market Committee (FOMC) meeting in early May, said an analyst.

The ringgit continued to slide against the US dollar in the early session today as the local currency remained in an overbought position ahead of an expected rise in US interest rates in May, said an analyst.

The government remains committed to implementing policies that can bolster the nation’s economic growth and competitiveness to attract funds that will strengthen the international reserves and the ringgit.

(Smaller image from the left) Consumer finance expert Professor Dr Mohamad Fazli Sabri, Bank Muamalat Malaysia Bhd Social Economics and Finance chief Dr Mohd Afzanizam Abdul Rashid

Interest for beaten down counters is set to boost Bursa Malaysia’s performance with the main index expected to trade within the 1,420-1,440 level next week, said Rakuten Trade Sdn Bhd.

The ringgit is likely to trade on a bullish bias next week, below the RM4.40 level within the 4.3925-4.4175 range against the US dollar, said an analyst.

Economists are projecting a better outlook for the ringgit in the second quarter (Q2) of 2023 amid the country's relatively resilient economic outlook.

For illustration purpose. - Foto 123RF

The ringgit was traded slightly lower against the US dollar in the early session today as some investors took advantage of the weaker greenback, dealers said.