Ringgit Slips Against Dollar, But Gains Ground Against Euro, Yen
The Malaysian ringgit slipped against the US dollar on Thursday but gained ground against other major currencies.
According to Dr. Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, the Fed's interest rate hike was expected, and further increases may be on the horizon as the central bank remains committed to bringing inflation back to its two percent target.
The ringgit fell to 4.0965/1010 against the greenback from Tuesday's close of 4.0835/0880, but rebounded to close at 4.0965 after touching a low of 4.1012 earlier in the day.
Against other major currencies, the ringgit gained ground, rising to 4.7003/7055 against the euro from Tuesday's close of 4.7111/7163 and reaching 2.6305/6336 against the yen from 2.6366/6396.