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Forex

Ringgit Strengthens Against USD on Eased Fed Rate Hike Expectations

Guavy AI Editorial Team
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USD
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The ringgit has opened higher against the US dollar due to reduced expectations of a Federal Reserve interest rate hike in September.

According to Dr. Mohd Afzanizam, chief economist at Bank Muamalat Malaysia Bhd, the market is now focused on the release of Federal Open Market Committee (FOMC) minutes today, which will provide clarity on the Fed's monetary stance.

The local currency strengthened to 4.0565/0625 against the greenback from Tuesday's close of 4.0575/0615.

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