Ringgit ends lower against US$ on expectation aggressive US monetary policy will continue


KUALA LUMPUR: The ringgit extended its downtrend against the US dollar at the close on Wednesday, along with other regional currencies, as the US Federal Reserve (Fed) pledged to continue with its aggressive monetary policy to fight inflation.

At 6 pm, the local currency slipped to 4.6285/6310 against the greenback from yesterday’s close of 4.6100/6120.

"Not just ringgit is falling down, but other currencies are also struggling against the greenback and trading at multi-decade lows due to the Fed's aggressive rate hikes while other nations are still lagging behind (in hiking interest rates)," an analyst said.

Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.

It went up further vis-a-vis the euro to 4.4184/4208 from 4.4321/4340 at yesterday’s close, appreciated against the British pound to 4.9409/9436 from 4.9770/9791, and rose versus the Singapore dollar to 3.1954/1975 from 3.2099/2117.

The local note, however, depreciated against the Japanese yen to 3.1974/1993 from 3.1925/1941 previously. - Bernama

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

   

Next In Business News

China stocks turn range bound, Hong Kong dips, as US data dulls hopes for slower Fed hikes
FBM KLCI drops on softer global sentiment
Proton's YTD sales surpass whole of 2021 by 10.4%
Australia central bank raises rates to 10-yr high, says more needed
Shares of NFOs recover in early trade
Australia records first current account deficit in three years
Ringgit opens lower against dollar amid strong US economic data
Minimal impact to Sports Toto earnings despite reduction in special draws, says HLIB
Bursa Malaysia wobbly on fresh US rate hike worries
Trading ideas: Genting Malaysia, MQ Technology, Jiankun International, Yinson, AME REIT and Suria Capital

Others Also Read