Ringgit stays at two-month high versus greenback on expectation of slower US interest rate hike 

Ringgit stays at two-month high versus greenback on expectation of slower US interest rate hike 

10 days 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 6 pm, the local note further strengthened to 4.4795/4890 against the US dollar from Thursday's close of 4.4910/5000.

Inflation in the US eased to 7.7 per cent in October from 8.2 per cent 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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