KUALA LUMPUR: The ringgit ended higher against major and Asean currencies yesterday but dipped against the US dollar as growing expectations of an aggressive US interest rate hike boosted demand for the greenback.
At 6pm, the local currency depreciated to 4.0765/0805 against the greenback from 4.0710/0745 at Wednesday’s close.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit fell 0.22% to RM4.0817 against the US dollar during the trading session, amid broader weakness in regional currencies.
“The Indonesian rupiah also came under significant selling pressure, while other Asian currencies weakened against the greenback amid heightened expectations of further US monetary tightening,” he told Bernama.
