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Thursday, 14 December 2017

#Ringgit firmer; with three more hikes each in 2018 and 2019 US Fed raised interest rates amid the release of disappointing #Inflation.


Malaysia: The ringgit was firmer against the US dollar in early trade today on the back of weak sentiment for the safe-haven currency after the US Federal Reserve (Fed) raised interest rates amid the release of disappointing inflation data, dealers said.
At 9 am, the local unit stood at 4.0690/0720 from 4.0850/0880 recorded at yesterday close.
The US Fed increased the main overnight benchmark interest rate for the third time this year, by 0.25 per cent to a range of 1.25 per cent and 1.50 per cent as was expected by markets.
The central bank has projected higher interest rates outlook in the coming years with three more hikes each in 2018 and 2019.
On the local front, a dealer said the improving global oil prices would continue drive the local unit higher today.
Meanwhile, the ringgit was traded easier against a basket of major currencies.
It fell against the Singapore dollar to 3.0217/0248 from 3.0190/0219 on Wednesday and declined versus the yen to 3.6089/6125 from 3.6017/6053 yesterday.
The local note also weakened vis-a-vis the British pound to 5.4606/4663 from Wednesday's 5.4518/4579 and depreciated against the euro to 4.8173/8212 from 4.7991/8038 yesterday.

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