Ringgit closes sharply lower against greenback

KUALA LUMPUR: The ringgit ended sharply lower against the US dollar today in line with most regional currencies amid US Federal Reserve Chairman Jerome Powell's comments on the strengthening US economy, which points to more interest rate hikes this year, said a dealer.
At 6pm, the ringgit was pegged at 4.0570/0610 versus the greenback from Tuesday's close of 4.0445/0485.
The dealer said the ringgit was also affected by declining oil prices.
International benchmark Brent crude was easier by 55 cents at US$71.61 a barrel.
Meanwhile, the local unit was traded higher against a basket of major currencies.
It appreciated against the Singapore dollar to 2.9656/9690 from 2.9737/9768 on Tuesday, and strengthened against the euro to 4.7155/7217 versus 4.7438/7489 yesterday.
The ringgit increased against the British pound to 5.2863/2931 from Tuesday's 5.3610/3667, and went up against the yen to 3.5909/5957 from 3.5986/6025. — Bernama