Ringgit ends higher vs greenback amid low fed rate hike

• Published date: 02 February 2023
• Publication title: Malay Mail Online

The ringgit closed higher against the US dollar today as the US Federal Reserve (Fed) increased its interest rates by another quarter-percentage point.

At 6 pm, the ringgit ended the day at 4.2445/2490 against the greenback from Tuesday's close of 4.2655/2700.

SPI Asset Management managing partner Stephen Innes said the US dollar was hit hard overnight after the market's less hawkish interpretation of the Fed's forward guidance.

"However, weaker US manufacturing and some follow-on poor China's Purchasing Managers Index from yesterday triggered a sell-off on Brent crude and other commodities, likely causing the ringgit to retreat from the intraday best level at...