The local currency weakens to 4.0730/4.0820 as a hawkish US central bank stance dampens sentiment.The local currency weakens to 4.0730/4.0820 as a hawkish US central bank stance dampens sentiment.
Ringgit opens easier as US dollar rises on Fed outlook
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KUALA LUMPUR: The ringgit opened lower against the US dollar on Thursday as sentiment turned cautious after the US Federal Reserve adopted a hawkish tone, driving US Treasury yields higher.
At 8am, the local currency weakened to 4.0730/4.0820 against the greenback from 4.0665/4.0700 at Tuesday’s close.
The market was closed on Wednesday for the Awal Muharram public holiday.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US Dollar Index (DXY) rose 0.85% to 100.382 points after the Federal Open Market Committee (FOMC) signalled a more hawkish monetary policy outlook.
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