At 6 pm, the local currency weakened versus the greenback to 4.4270/4285 from yesterday’s close of 4.4225/4260. — Bernama pic
Thursday, 07 Jul 2022 7:52 PM MYT
KUALA LUMPUR, July 7 — The ringgit continued to depreciate against the US dollar for the fourth consecutive day as the sentiment was weighed down by the stronger greenback and the lack of domestic catalyst to lift the local currency, said an analyst.
At 6 pm, the local currency weakened versus the greenback to 4.4270/4285 from yesterday’s close of 4.4225/4260.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US dollar gained further strength as the United States (US) Federal Reserve is likely to continue its restrictive policies going forward, based on the US Federal Open Market Committee (FOMC) June meeting.
“This means that another 50 to 75 basis points hike is almost a certainty during the next FOMC meeting on July 26-27,” he…
