Ringgit ends higher against major currencies, weakens versus US dollar
KUALA LUMPUR, Sept 23 — The ringgit ended higher against major currencies on Wednesday but weakened against the gr...
KUALA LUMPUR, Sept 23 - The Malaysian ringgit finished the day higher against major currencies, but weakened against the US dollar, as expectations of more interest rate hikes by the US Federal Reserve (Fed) continued to bolster the greenback. By 6pm, the ringgit sank to 4.0780/0825 against the dollar, down from Tuesday’s close of 4.0730/0775.
Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, attributed the US dollar's strength to the anticipated Fed rate hikes. The ringgit began the day stronger, trading at RM4.0640 against the US dollar, but failed to maintain that edge. Other Asian currencies exhibited volatile movements, causing the ringgit's performance to be less isolated.
Despite fluctuations, the ringgit concluded the day stronger against the euro, British pound, and Japanese yen. However, it faced challenges against the Singapore dollar, Thai baht, Indonesian rupiah, and Philippine peso.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
