Malaysian ringgit retreats vs USD in early trade, but rises vs major currencies

• Published date: 23 December 2022
• Publication title: ASEAN Tribune

23 December 2022 (NAM NEWS NETWORK) KUALA LUMPUR- Malaysian ringgit retreated from Thursday's gains to open lower against the US dollar on Friday due to the lack of interest in the local currency as the greenback strengthened on the possibility of another interest rate hike by the United States (US) Federal Reserve (Fed), a dealer said.

At 9.05 am, the local note was traded at 4.4300/4380 against the greenback from Thursday's close of 4.4215/4255.

SPI Asset Management managing director Stephen Innes opined that the Asian forex exchange will struggle as the market veers into risk aversion, due to the assumption that the Fed will continue hiking interest rates too aggressively which could send the global economy into recession.

'Although the...