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KUALA LUMPUR: The ringgit ended higher against the US dollar today as the United States Federal Reserve (Fed) seems unlikely to cut the benchmark interest rate in the near term, said an economist.
Finance minister Enoch Godongwana has dismissed suggestions his 2024 budget tabled in parliament on Wednesday smacks of political expediency ahead of South Africa’s general election this year.
The local unit settled 1 paisa higher at 82.96 against the American currency on Feb 21, after witnessing a cumulative gain of 8 paise in the preceding two sessions
At the interbank foreign exchange, the local unit hit an intraday high of 82.83 during the day against the greenback
Asian currencies rose marginally higher with Federal Reserve minutes cementing bets the central bank will not cut rates soon.