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Ringgit Falls as US Interest Rate Hike Expectations Rise

Guavy AI Editorial Team
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USD
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The ringgit ended lower against the US dollar on its first trading day of September due to rising expectations of a US interest rate hike after Federal Reserve Chair Kevin Warsh's recent speech at the Jackson Hole Symposium.

At 6pm, the ringgit fell to 4.0370/0410 against the US dollar from last Friday's close of 4.0230/0270.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that Warsh's speech has had a significant impact on the currencies market, with markets focusing on his concern over inflation which would imply monetary tightening is almost inevitable in the near term.

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