Ringgit stays at 2-month high versus USD

Ringgit stays at 2-month high versus USD

9 hours ago

KUALA LUMPUR: The ringgit held steady and climbed to an over two-month high against the greenback on continued optimism that the US will slow down interest rate hikes going forward amid a smooth government transition in Malaysia.

At 6pm, the local note further strengthened to 4.4795/4.4890 against the US dollar from Thursday’s close of 4.4910/4.5000.

Inflation in the US eased to 7.7% in October from 8.2% in September, fuelling hopes for a 50 basis points rate hike in December.

SPI Asset Management managing director Stephen Innes said the US Federal Reserve (Fed) is expected to decelerate from the 75 basis points hiking pace to 50 basis points in December, in line with projections.

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