Ringgit Dives as Oil Prices Rise and Fed Hike Looms

The Malaysian ringgit closed lower against the US dollar on Tuesday due to higher crude oil prices and cautious sentiment ahead of the Federal Reserve's (Fed) next policy decision.

According to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid, elevated crude oil prices could strengthen the case for a Fed rate hike next week.

The ringgit ended at 4.0605/0640 against the greenback from Monday's close of 4.0440/0485.