Ringgit rebounds as market priced in Fed rate hike | Malay Mail

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KUALA LUMPUR, April 29 — The ringgit recovered some ground to end on a positive note today as analysts believe the 50-basis-point hike in the Fed Fund Rates has been well priced in by the market. At 6pm, the local unit rose to 4.3520/3570 against the US dollar compared to Thursday’s close of...

KUALA LUMPUR, April 29 — The ringgit recovered some ground to end on a positive note today as analysts believe the 50-basis-point hike in the Fed Fund Rates has been well priced in by the market.

Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid expects the Fed to maintain its hawkish stance. This was due to contraction in government expenditure by 1.6 per cent, while consumer spending, which makes up more than two thirds of the economy moderated to 4.7 per cent from 6.9 per cent.Bank Negara Malaysia yesterday provide assurance that the country’s economy remains strong despite the ringgit’s downtrend.

 

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