Ringgit Rises on Bargain-Hunting Despite Fed Hike Fears

The Malaysian ringgit edged higher against the US dollar on September 25, despite expectations of further interest rate hikes from the Federal Reserve.

Bargain-hunting activity drove the ringgit's gain, with it increasing to 4.0715/0765 versus the greenback from yesterday's close of 4.0840/0880.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the US Dollar Index (DXY) remained well-supported at 101.182 points, with high odds of rate hikes in October and December.

The ringgit traded mostly higher against a basket of major currencies, gaining against the euro to 4.6378/6435 from 4.6451/6497 at yesterday's close and advancing vis-à-vis the British pound to 5.3907/3973 from 5.4023/4076.