afzanizam abdul rashidBusinessFederal ReserveFOMCLocal Businessrate-cutRinggitTop Business
Ringgit climbs for 7th straight session after US rate cut
KUALA LUMPUR:
The ringgit extended its gains for the seventh day on Thursday, opening higher against the US dollar, supported by the much-anticipated 25 basis points cut last night by the US Federal Reserve, an analyst said.
At 8am, the ringgit appreciated to 4.1835/4.12050 against the greenback from Wednesday’s close of 4.1850/4.11900.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the decision comes with a catch, however.
“Monetary policy is not a preset course, and there is a polarised view among the Federal Open Market Committee (FOMC) members.
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