Ringgit ends at new 24-year low against US dollar

KUALA LUMPUR: The Malaysian ringgit ended today at a new 24-year low against the US dollar as the local note continued to be under pressure due to the expectation of a substantial interest rate hike by the US Federal Reserve due to persistently high inflation in the United States.

At 6 pm, the local currency slid to 4.5265/5285 against the greenback from 4.5070/5085 at yesterday’s close. It had touched slightly above the 4.5200 level this morning, which was also a fresh 24-year low against the greenback.