KUALA LUMPUR, Nov 25 — The ringgit continued its positive momentum this morning, rising by 0.38 per cent against the US dollar at the opening today, reflecting the positive sentiments following the clarity in Malaysia’s political tussle and the United States(US) Federal Reserve’s signal of a downshift in rate hikes.
At 9am, the local note further strengthened to 4.4760/4810 against the greenback from Thursday’s close of 4.4910/5000.
SPI Asset Management managing director Stephen Innes said there was a huge follow-through on Malaysia’s stock market following the appointment of Datuk Seri Anwar Ibrahim as Malaysia’s 10th Prime Minister, which helped the ringgit to attract foreign investments.
The Pakatan Harapan chairman was sworn in as the prime minister at the Istana Negara yesterday.
“However, a big driver of sentiment going forward will be the softer interest rate hikes indicated by the Federal Open Market Committee’s…