By Abdul Hamid A Rahman<\/p>\n\n\n\n
KUALA LUMPUR, Nov 2 (NNN-Bernama) — The Malaysian ringgit opened higher against the US dollar on Thursday after the United States Federal Open Market Committee (FOMC) made a unanimous decision to keep the Fed Fund Rate steady at a range of 5.25 per cent to 5.50 per cent during its meeting last night.<\/p>\n\n\n\n
At 9.05 am, the ringgit appreciated to 4.7520\/7570 against the greenback from Wednesday\u2019s close of 4.7695\/7735.<\/p>\n\n\n\n
Bank Muamalat Malaysia Bhd’s chief economist and head of social finance Dr Mohd Afzanizam Abdul Rashid said the decision by the US Federal Reserve (Fed) aligned with market expectations.<\/p>\n\n\n\n
\u201cHowever, the Fed’s evaluation of the economy is showing a more cautious stance. In the accompanying FOMC statement, it was explicitly stated that the tightening of financial and credit conditions is expected to impact economic activities.<\/p>\n\n\n\n
\u201cThe term “financial” likely refers to the significant increase in long-term US treasury yields, which has reduced the need for the Fed to implement additional monetary tightening measures,\u201d he told Bernama.<\/p>\n\n\n\n
He also said the current development could have a positive effect on the ringgit as it has been in an oversold condition for an extended period.<\/p>\n\n\n\n
Meanwhile, the local currency was traded lower against a basket of major currencies.<\/p>\n\n\n\n
The ringgit depreciated against the Japanese yen to 3.1600\/1635 from 3.1540\/1569 at Wednesday\u2019s close, lower against the euro to 5.0371\/0424 from 5.0313\/0356 and fell against the British pound to 5.7936\/7997 from 5.7897\/7946 previously.<\/p>\n\n\n\n
The local note was traded mixed against other ASEAN currencies.<\/p>\n\n\n\n
It appreciated against the Indonesian rupiah at 298.1\/298.6 from 299.2\/299.6 and rose against the Philippine peso at 8.37\/8.39 from 8.39\/8.41.<\/p>\n\n\n\n
The ringgit depreciated against the Singapore dollar to 3.4800\/4840 from 3.4786\/4820 and was lower against the Thai baht to 13.1982\/2176 from 13.1645\/1803 at Wednesday\u2019s close.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
By Abdul Hamid A Rahman KUALA LUMPUR, Nov 2 (NNN-Bernama) — The Malaysian ringgit opened higher against the US dollar on Thursday after the United States Federal Open Market Committee (FOMC) made a unanimous decision to keep the Fed Fund Rate steady at a range of 5.25 per cent to 5.50 per cent during its […]<\/p>\n","protected":false},"author":30,"featured_media":216467,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,288,300,286,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/242891"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=242891"}],"version-history":[{"count":1,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/242891\/revisions"}],"predecessor-version":[{"id":242892,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/242891\/revisions\/242892"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/216467"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=242891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=242891"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=242891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}