Malaysian ringgit dips versus the dollar as Fed rate hikes loom
The ringgit fell to around 4.10 per US dollar, down from Tuesday’s close, while the market was closed for a public holiday.
At 6 p.m., Malaysia’s currency traded at 4.0965-4.1010 against the US dollar, weaker than the previous day's 4.0835-4.0880 levels. The decline came as the market observed a public holiday. Afzanizam Rashid, chief economist at Bank Muamalat Malaysia Bhd, noted that the Federal Reserve is unlikely to stop its 25-basis-point tightening, with further hikes possible to achieve its 2 % inflation goal.
