KUALA LUMPUR, Oct 1 — The ringgit ended higher against a basket of major currencies but slid against the US dollar on Thursday, as the greenback remained well supported despite waning expectations of an interest rate hike by the United States (US) Federal Reserve (Fed).
At 6pm, the ringgit fell to 4.0830/4.0875 against the US dollar from Wednesday’s close of 4.0785/4.0820.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the ringgit traded in a narrow range of RM4.0820-RM4.0875 against the US dollar today.
“The odds of a US rate hike have gone down to below 50 per cent from more than 70 per cent previously, following the release of the latest personal consumption expenditures (PCE) inflation rate data, which was below market expectations.
