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Ringgit trades lower on US asset tapering, Evergrande debt crisis



KUALA LUMPUR: The ringgit traded lower against the US dollar at the opening bell today due to the possibility that the United States Federal Reserve (US Fed) would taper its bond purchases and the highly probable debt default by China’s largest property players, said an analyst.

At 9 am, the local note fell to 4.1870/1910 from 4.1835/1850 at Tuesday’s close.

Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid said the heightened uncertainties have led to a sudden surge in interest in safe-haven currencies.

"However, vaccination rates are rapidly increasing and the reopening of the economy is occurring globally.

"This necessitates the US Fed to withdraw some -- if not all -- of the monetary stimulus to reflect the current state of the economy,”

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Ringgit opens higher ahead of US Fed meeting



KUALA LUMPUR: The ringgit opened slightly higher against the US dollar today despite the increasing risk-off mode, which has become prevalent ahead of the United States Federal Reserve (US Fed) meeting that begins today.

At 9 am, the local note climbed to 4.1885/1925 from 4.1905/1950 at Monday’s close.

Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid said the possibility of the tapering of asset purchases by the US Fed this week may also raise the appeal of the greenback and hence was likely to weaken the ringgit.

"At the same time, news on the potential defaults in one of the main property players in China has stoked concern over the financial stability in the second largest global economic powerhouse,” he told Bernama.

As such, he said the n

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Ringgit drops against greenback ahead of monetary policy meetings



KUALA LUMPUR: The ringgit fell against the US dollar at the opening bell today, as traders await the outcome from the United States Federal Reserve (US Fed) and Bank of England (BoE) meetings this week to decide their next course of action.

At 9 am, the local note slipped by 135 basis points (bps) to 4.1835/1885 from 4.1700/1730 at last Friday’s close.

Furthermore, Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid said the focus would be on the US Fed’s asset purchases programme to see whether the US Fed would announce plans to reduce the size of its monthly purchases which currently stands at US$120 billion.

"On top of that, the market would be watching the latest economic projection by the US Fed to see whether there are any upgrades in its assessm

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Ringgit falls against US$ ahead of FOMC meeting next week



KUALA LUMPUR: The ringgit extended its losses against the US dollar at the opening on Friday, as emerging market currencies continued to be hit by the strengthening greenback following the strong economic data from the world’s largest economy.

At 9.02 am, the ringgit declined 160 basis points (bps) to 4.1730/1780 from 4.1570/1590 at Wednesday’s close.

The local market was closed yesterday for the Malaysia Day celebration.

ActivTrades trader Dyogenes Rodrigues Diniz said both the United States (US) core retail sales and jobless claims data for August 2021 had surprised the market and hence continued to lift the greenback’s performance.

"This has great potential to cause the US dollar to appreciate over the next few days, as high consumer spending coul

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