Ringgit closes lower against US dollar

KUALA LUMPUR: The ringgit fell against the US dollar on Monday to its lowest level since 1998, reacting to the signals by the US Federal Reserve (Fed) of more interest rate hikes next year, said a dealer.
At 6pm, the ringgit was traded at 4.4765/4795 to the greenback from last Friday's 4.4755/4795.
Historically, the ringgit hit the 4.71-level against the US dollar in January 1998.
FXTM Chief Market Strategist Hussein Sayed said the market would be on the lookout for Fed chair Janet Yellen's next speech soon to determine the market movement.
The Fed's rate signal had sent a fresh interest in US bonds where the 10-year and two-year yields have risen 45 per cent since post-US presidential election on Nov 9, he said in a statement.
The local unit was traded mixed against other major currencies.
Vis-a-vis the Singapore dollar, the ringgit rose to 3.0892/0927 from 3.1015/1058 last Friday but eased against the yen to 3.8091/8127 from 3.7899/7959.
Against the British pound, the local currency depreciated to 5.5773/5819 from 5.5568/5640 while against the euro, it appreciated to 4.6762/6811 from 4.6823/6887 last week. — Bernama