KUALA LUMPUR, Oct 30 — The ringgit extended its gains to close higher against the US dollar today 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 per cent to 4.00 per cent on Oct 28.
At 6 pm, the ringgit rose to 4.0555/0600 against the greenback from yesterday’s close of 4.0575/0620.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul 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 per cent gain against the dollar.
