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Ringgit opens lower as US Fed raises interest rates

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by December 15, 2016 General

KUALA LUMPUR, Dec 15 ― The ringgit weakened against the US dollar, in early trade, weighed by poor sentiment in the market, a dealer said.

At 9 am, the ringgit was traded at 4.4600/4650 versus the US dollar from 4.4440/4480 yesterday.

A dealer said the US Federal Reserve (Fed) raised interest rates by 25 basis points, shifting attention to the US and the greenback which appreciated against a basket of currencies.

“Gold hit its lowest level in more than 10 months,” he added.

Against the Singapore dollar, the ringgit rose to 3.0931/0981 from 3.1190/1223 and versus the yen, it advanced to 3.7883/7929 from 3.8580/8618 yesterday.

Versus the British pound, the local currency appreciated to 5.5844/5924 from 5.6239/6307 and rose against the euro to 4.6763/6838 from 4.7218/7269 yesterday. ― Bernama

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