Ringgit hits 8-month low against US$

Maybank Kim Eng head of foreign exchange research Saktiandi Supaat told StarBiz that the greenback, which had been bullish against major currencies, would strengthen against the ringgit to between 4.25 and 4.30 before retreating to the 4.10 or 4.15 level by year-end.

PETALING JAYA: The ringgit fell to an eight-month low against the US dollar on outflow worries, as investors see a higher chance of a rate increase in the United States by year-end.

Expectations of another rate hike by the US Federal Reserve (Fed) had prompted investors to sell their holdings in emerging markets, including Malaysia. Foreign investors pulled out RM227mil from Bursa Malaysia last week, MIDF Research said in a note yesterday.