Ringgit ends mostly higher against major and regional currencies
The local note fell to 4.0710/4.0745 against the greenback amid renewed expectations of a US interest rate hike.
The Malaysian ringgit mostly ended higher on Wednesday against major and regional currencies, but weakened against the US dollar due to expectations of an interest rate hike from the Federal Reserve, according to Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid. Stronger-than-expected US inflation data heightened the odds of a 50-basis-point increase in the federal funds rate at the December meeting, prompting investors to seek refuge in the US dollar.
The ringgit traded at 4.0710/4.0745 against the greenback, up from 4.0540/4.0580 the previous day, while gaining against the euro, British pound, and Japanese yen. Against Asean currencies, the ringgit appreciated against the Thai baht, Indonesian rupiah, and Philippine peso, but edged down against the Singapore dollar.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
