Ringgit Loses Ground Against US Dollar Amid Fed Interest Rate Expectations

The ringgit ended lower against the US dollar on September 23 as expectations of further interest rate hikes by the United States Federal Reserve continued to support the greenback.

At 6pm, the ringgit traded at 4.0780/0825 against the dollar from yesterday's close of 4.0730/0775.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said markets expect the Fed to raise interest rates by another 50 basis points this year, providing further support to the US dollar.