Ringgit gains against US dollar in early trade

Publish date: Wed, 19 Jun 2024, 09:30 AM

KUALA LUMPUR: The ringgit extended its gains to open better against the US dollar in early trade today as the greenback weakened amid growing anticipation of a global interest rate cut this year, an economist said.

At 9 am, the ringgit rose to 4.7080/7130 versus the greenback from yesterday's close of 4.7110/7155.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is likely to strengthen on the chance that a lower US interest rate will reduce rate differentials between the Fed Fund Rate and overnight policy rate.

  - Bernama

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