KUALA LUMPUR – The ringgit opened marginally lower against the US dollar on Tuesday as traders remained cautious ahead of a possible interest rate cut by the United States Federal Reserve (Fed), an analyst said.
At 8 am, the local note eased to 4.2900/3020 against the greenback from Monday’s close of 4.2870/2945.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said New York Fed President John Williams and Atlanta Fed President Raphael Bostic have signalled that officials are likely to monitor the evolving economic outlook as they assess more data.
“The US Dollar Index (DXY) fell 0.66 per cent to 100.426 points, amidst improving sentiment in the equities market, although several Fed officials appear reluctant to cut rates in the near term,” he told Bernama. – May 20, 2025