Malaysia's Local Currency Ringgit Outperforms the US Dollar
The forex markets are throwing surprises in October , as Malaysia’s local currency, the ringgit, outperformed the US dollar on Monday. The decline in the US dollar comes as traders hold weak sentiments, reassessing their stance on the Fed’s interest rate cuts. An economist noted that forex traders possibly believe the Federal Reserve could take more time to reduce interest rates again . Also Read: BRICS: India Makes Major Announcement On U.S. Dollar Usage Source: Forbes This is adding pressure on the US dollar , strengthening local currencies in the charts this month. The Malaysian ringgit stood at 4.2150/2240 against the US dollar on Monday as the currency marginally traded higher. The DXY index, which tracks the performance of the US dollar, shows the currency dipping into the 102.4 price range. The USD traded a bit higher last month at around 102.75 . Also Read: UAE Slashes VAT on Crypto Transfers – Explore What It Means for You Malaysia’s Ringgit Beats the US Dolla...