tags - Sinar Daily

picture for illustrative purposes only - FILEPIC

Image for illustrative purposes only. - FILE PIX

The ringgit has extended its uptrend against the US dollar this morning in anticipation of softer interest rate hikes in the US, after the latest US inflation data showed a declining trend.

The ringgit opened marginally higher against the US dollar today, recovering from its sharp fall yesterday after the US dollar surged due to the likelihood of the United States (US) Federal Reserve (Fed) raising the interest rate.

The ringgit opened marginally higher against the US dollar today as the greenback took a breather following a small pullback in Treasury yields yesterday and ahead of the United States Fed's Semiannual Monetary Report to Congress.

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The ringgit opened lower against the US dollar on Friday on better demand for the greenback due to a more hawkish stand by the United States Federal Reserve (Fed).

The ringgit rebounded after three consecutive trading days of losses to close higher against the US dollar today as strong China manufacturing data spurred risk-on sentiment.

The ringgit continued its downtrend against the US dollar to close lower today as investors flocked to safe-haven assets amid worries over the global interest rate outlook. - Photo: 123RF

At 9am, the ringgit stood at 4.4315/4360 versus the greenback compared to Thursday’s close of 4.4315/4365. - Photo: 123RF