Ringgit Strengthens To 4.70 Level Amid Fed’s Reassurance On Interest Rates

Closeup of Malaysia Ringgit currency notes and coins

The ringgit’s upward trend continues, revisiting the 4.70 level as the Federal Reserve’s (Fed) reassurance about interest rates helped alleviate concerns following higher-than-expected US Producer Price Index (PPI) data.

Fed Chair Jerome Powell suggested that the US central bank is unlikely to raise interest rates in its next move, describing the PPI reading as mixed rather than hot, especially since previous data was revised downward.

At 9 am, the ringgit strengthened to 4.7070/7115 against the US dollar, improving from Tuesday’s close of 4.7160/7190.

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