KUALA LUMPUR: The ringgit strengthened against the US dollar at the opening, as the US Federal Reserve (Fed) appears on track to cut interest rates, said an analyst.
At 8 am, the local currency continued to gain versus the greenback to 4.3515/3700 compared to 4.3720/3775 at the close last Friday.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said Fed chairman Jerome Powell’s speech during the Jackson Hole Symposium last Friday indicated a policy shift from containing the risks of higher inflation to avoiding a further cooling in the labour market.
-NewStraitsTime