Ringgit and equities down on US Fed moves

The drop in the yen could cushion Japanese stocks and Nikkei futures were still trading slightly firmer. Other Asian markets were unlikely to be so lucky and dealers expected losses across most bourses. (A trader works on the floor of the New York Stock Exchange (NYSE) as a television screen displays coverage of U.S. Federal Reserve Chairman Janet Yellen shortly after the announcement that the U.S. Federal Reserve will hike interest rates, in New York, U.S., December 14, 2016. REUTERS)

PETALING JAYA: The ringgit tested fresh multi-year lows against the surging US dollar after the United States Federal Reserve (Fed) raised interest rates for the first time in a year, and hinted that future hikes could be accelerated.

Stocks on Bursa Malaysia declined, tracking losses across the region.