Ringgit eases against greenback amid rising oil prices
Against a backdrop of rising oil prices, expectations of a US Federal Reserve rate hike and a possible Bank of Japan hike, markets remain anxious, says an analyst.
KUALA LUMPUR: The Malaysian ringgit saw a decline against the US dollar on Tuesday, as rising crude oil prices and uncertainty surrounding the Federal Reserve's policy decision weighed on the currency. By 6pm, the ringgit dropped to 4.0605/4.0640 against the greenback, down from Monday's closing rate of 4.0440/4.0485. Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid noted that the surge in crude oil prices could serve as a strong argument for a potential rate hike from the Federal Reserve.
He added that the situation was tense regarding the Fed's future actions. At the day's end, the ringgit performed poorly against a range of major currencies. It slipped against the euro, fell against the British pound, declined against the Japanese yen, and also weakened against regional currencies such as the Philippine peso, Singapore dollar, Thai baht, and Indonesian rupiah.
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- Ringgit eases against greenback amid rising oil prices freemalaysiatoday.com
