Ringgit hits 4.40 against US dollar as Fed adopts less hawkish tone

[superadmin]

KUALA LUMPUR – The ringgit opened higher against the US dollar today after the greenback retreated following the US central bank’s less hawkish tone on interest rate hikes, an analyst said.

At 9am, the local note rose to 4.4040/4150 against the US dollar from yesterday’s close of 4.4420/4500.

SPI Asset Management managing director Stephen Innes said the ringgit rallied sharply in full catch-up mode, shedding not only political risk but also spurred by US Federal Reserve chairman Jerome Powell’s remarks on slowing down the pace of interest rate hikes beginning this month.

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