Ringgit ends higher against major currencies, weakens versus US dollar
KUALA LUMPUR: The ringgit ended higher against major currencies on Wednesday but weakened against the greenback as expectations of further interest rate hikes by the United States Federal Reserve (Fed) continued to support the US dollar.
On Wednesday, the Malaysian ringgit saw mixed movements against major currencies, concluding higher overall but weakening against the US dollar. By 6pm, the ringgit declined to 4.0780/0825 against the greenback, down from Tuesday's closing rate of 4.0730/0775. Analyst Dr Mohd Afzanizam Abdul Rashid pointed to expectations of further interest rate hikes by the US Federal Reserve as the primary driver for the US dollar's strength.
Despite starting the day stronger, the ringgit could not sustain its initial gains. Other Asian currencies exhibited varied performance, but the ringgit's overall movement was not solely due to its own performance.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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