Ringgit ends higher against major currencies, weakens versus US dollar

KUALA LUMPUR: The ringgit ended higher against major currencies on Wednesday but weakened against the greenback as expectations of further interest rate hikes by the United States Federal Reserve (Fed) continued to support the US dollar.

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.