Ringgit Climbs Against Major Currencies but Slips on Strong US Dollar

KUALA LUMPUR: The ringgit closed higher against a basket of major and ASEAN currencies yesterday, though it weakened slightly against the US dollar as mounting expectations of an aggressive American interest rate hike fuelled demand for the greenback.

By 6pm, the local currency had eased to 4.0765/0805 against the dollar, down from Wednesday’s close of 4.0710/0745.

Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, said the ringgit slipped 0.22% to RM4.0817 against the US dollar over the course of the session, tracking a broader retreat across regional currencies.

“The Indonesian rupiah also faced heavy selling pressure, while other Asian currencies softened against the greenback amid growing expectations of further US monetary tightening,” he told Bernama.

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