KUALA LUMPUR: The ringgit extended its gains to close higher against the US dollar on Friday as traders reassessed the possibility of an interest rate hike by the US Federal Reserve (Fed), an analyst said.
The Fed decided to keep the benchmark interest rate steady at 3.75% to 4.00% on Oct 28.
At 6 pm, the ringgit rose to 4.0555/4.0600 against the greenback from Thursday’s close of 4.0575/4.0620.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the dollar-ringgit was seen to be at around RM4.0425 during the morning session but later moved towards RM4.0577, giving a 0.05% gain against the dollar.
