Ringgit slips against US Dollar as fed seen delaying rate cuts
KUALA LUMPUR: The ringgit opened lower against the US dollar on Thursday, as expectations dimmed for a near-term rate cut by the US Federal Reserve (Fed), an analyst said.
At 8 am, the local note declined to 4.2300/2650 against the greenback from Wednesday's close of 4.2215/2275.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) rose 0.36 per cent to 99.875, after minutes from the Federal Open Market Committee (FOMC) signalled that rising stagflation risks could delay monetary easing this year.
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