Ringgit slips at opening against US dollar as US rate cut hopes fade
The ringgit opened lower against the US dollar today as the greenback strengthened on waning hopes of an interest rate cut this month by the United States.
KUALA LUMPUR: The ringgit opened lower against the US dollar today as the greenback strengthened on waning hopes of an interest rate cut this month by the United States.
At 8am, the ringgit dipped to 4.2480/2575 against the greenback, compared to Tuesday's close of 4.2395/2440.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US June Consumer Price Index (CPI) report released on Tuesday suggests that the inflation rate there is climbing, dashing hopes for an interest rate cut at the upcoming US Federal Open Market Committee (FOMC) meeting at the end of July.
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