Ringgit rises as US dollar index declines on FED rate cut hopes
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The ringgit strengthened against the US dollar, reaching 4.3755/3840, up from 4.3780/3850, driven by a decline in the US Dollar Index (DXY) to 101.441, its lowest in seven months. Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid noted that the two-year US Treasury yield dropped to 3.99%. The ringgit is expected to be supported by anticipated US interest rate cuts, with RM4.30 identified as an immediate support level. The ringgit weakened against the Japanese yen, euro, and British pound but showed mixed performance against ASEAN currencies.

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https://www.nst.com.my/business/economy/2024/08/1094530/ringgit-rises-us-dollar-index-declines-fed-rate-cut-hopes