KUALA LUMPUR: The ringgit ended mostly higher yesterday against major and regional currencies, but eased against the greenback amid renewed expectations of a hike in US interest rates.
This comes following stronger-than-expected US inflation data.
At 6pm, the local currency fell to 4.0710/0745 against the greenback from 4.0540/0580 at Tuesday’s close.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit fell by almost 0.45% against the greenback yesterday as stronger-than-expected US inflation fuelled expectations of a rate hike in December.
“The odds of a rate hike at the December Federal Open Market Committee meeting rose to more than 80% after the October US consumer price index reading came in above expectations,” he told Bernama.
