Ringgit Surges Against Majors Amid Fed Rate Hike Expectations

The Malaysian ringgit ended Wednesday stronger against major currencies but weaker against the US dollar due to expectations of further interest rate hikes by the United States Federal Reserve (Fed).

At 6 pm, the ringgit edged down to 4.0780/0825 against the greenback from Tuesday's close of 4.0730/0775.

Bank Muamalat Malaysia Bhd chief economist Dr 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.