Ringgit gains 1.25% against US$ in past week

PETALING JAYA: The ringgit has strengthened against the US dollar and other major currencies on expectations of an interest rate hike this week.

The ringgit has gained 1.25% against the greenback in the past one week and closed at 3.171 from 3.211 at end-June, as the market bet that Bank Negara would raise the benchmark overnight policy rate (OPR) by 25 basis points (bps) following a policy meeting tomorrow.