Ringgit Falls on US Rate Hike Expectations
The Malaysian ringgit fell against the US dollar on its first trading day of September due to rising expectations of a US interest rate hike. Federal Reserve chair Kevin Warsh's recent speech at the Jackson Hole Symposium had a significant impact on currency markets, according to Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid.
At 6pm, the ringgit dropped to 4.0370/0410 against the US dollar from last Friday's close of 4.0230/0270.