Analyst expects US Federal Reserve to keep rates unchanged for the time being.
KUALA LUMPUR: The ringgit ended lower against the US dollar today as the greenback rose to its six-month high ahead of this week’s policy rate decisions by several major central banks including the Federal Reserve .
SPI Asset Management managing director Stephen Innes said although the Fed is likely to keep rates unchanged, it is expected to convey a resolutely hawkish stance through its statement this week. He said that despite the recent signs of growth and inflation bottoming out amid measures taken by Beijing to boost investor confidence, foreign funds have continued to exit Chinese stocks en masse.At 6pm, the local note fell to 4.6870/4.6915 against the US dollar from last Friday’s close of 4.6815/4.6845.
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