Federal Reserve’s restrictive monetary stance expected to continue, says analyst.
KUALA LUMPUR: The ringgit extended its downtrend against the US dollar today ahead of the two-day US Federal Open Market Committee meeting which starts today.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the restrictive monetary policy stance by the Federal Reserve will likely be retained in this FOMC meeting despite the consensus expectation of no change in the federal funds rate. “Therefore, the US dollar is expected to be well supported, leading to a weaker ringgit in the near term. The trend is set to continue until the FOMC meeting is concluded on Sept 20,” Afzanizam told Bernama.
At 6pm, the local note eased to 4.6940/4.6980 against the greenback from Monday’s close of 4.6870/4.6915.It dropped against the Japanese yen to 3.1776/3.1806 from 3.1750/3.1783 at Monday’s close and declined against the euro at 5.0160/5.0203 from 5.0020/5.0068 previously but was slightly better versus the British pound at 5.8126/5.8175 from 5.8128/5.8184 yesterday.It weakened vis-à-vis the Singapore dollar to 3.4436/3.4468 from 3.4347/3.
It also fell against the Indonesian rupiah to 305.1/305.6 from 304.8/305.3 on Monday but strengthened versus the Thai baht to 13.0563/13.0718 from 13.1156/13.1337 at yesterday’s close.
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