Ringgit slightly lower against US dollar in early trade | Malay Mail

📆 9/14/2020 9:44 AM
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KUALA LUMPUR, Sept 14 — The ringgit retreated from its recent gains to open slightly lower against the US dollar as cautious sentiment ahead of the US Federal Open Market Committee (FOMC) meeting kept investors to hold the greenback, dealers said. At 9am, the local currency was quoted at...

The ringgit takes a breather against the US dollar amid cautious sentiments. — Bernama pic

At 9am, the local currency was quoted at 4.1520/1590 versus the US dollar from 4.1510/1550 at Friday’s close.A dealer said the externals factors could weigh on the local unit with oil prices tumbling again, prompting the US dollar finding some safe-haven appeal. FXTM market analyst Han Tan said BNM’s decision to keep the benchmark interest rate unchanged underscored the belief that Malaysia’s economic recovery was truly underway.

“However, policymakers did highlighted that the road ahead still poses ‘downside risks and uncertainty’ and interest rates may have to ease further if the recovery momentum stalls,” he told Bernama.

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