The local note strengthens to 4.0455/4.0550 as crude oil prices fall on Strait of Hormuz reopening hopes.The local note strengthens to 4.0455/4.0550 as crude oil prices fall on Strait of Hormuz reopening hopes.
Ringgit opens higher on US Fed rate-hold expectations
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KUALA LUMPUR: The ringgit opened higher against the US dollar on expectations that the US Federal Reserve (Fed) will keep the interest rate unchanged amid easing inflation concerns and lower US Treasury yields.
At 8am, the local note strengthened to 4.0455/4.0550 against the greenback from yesterday’s close of 4.0485/4.0525.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said crude oil prices continued to decline as expectations grew over a possible peace agreement between the US and Iran on June 19, which could pave the way for the reopening of the Strait of Hormuz.
MORE TO COME
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