Ringgit opens marginally firmer vs US dollar
The ringgit opened firmer against the greenback on Monday amid cautious sentiment over the trajectory of the United States (US) interest rates, said an analyst.
KUALA LUMPUR: The ringgit opened firmer against the greenback on Monday amid cautious sentiment over the trajectory of the United States (US) interest rates, said an analyst.
At 8am, the local note was slightly higher at 4.2050/2260 from Friday's close of 4.2085/2155.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said expectations for a September rate cut are gaining momentum, with the US Federal Reserve anticipated to implement its first interest rate reduction of the year.
"Given that consumer spending accounted for more than two-thirdsĀ of the US economy, the case for a September rate cut is gaining more steam," he told Bernama.
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