Ringgit Strengthens Against US Dollar
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Insights by Echo AI
The ringgit has been strengthening against the US dollar over the past few days, supported by Malaysia's robust GDP growth and a decrease in expectations of a US interest rate hike by the Federal Reserve in September. The local currency hit a record high against major currencies and regionally on Monday, closing at 4.0585/0630 against the US dollar. Economists expect the ringgit to trade within the range of RM4.05 to RM4.07 today, as market attention shifts to the Federal Open Market Committee meeting and the Jackson Hole Symposium on Economic Policy.
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