Ringgit continues downtrend for second consecutive day

KUALA LUMPUR: The ringgit lost further ground against the US dollar today as the Federal Reserve (Fed) hinted at an interest rate hike this month, dealers said.
At 6pm, the local unit was traded at 4.4455/4485 against the greenback from 4.4380/4420 on Tuesday.
A dealer said the ringgit would weaken against the dollar over the near-term as a rate hike is very much on the table now, given too the improving US employment data and accelerating inflation," said the dealer.
Meanwhile, the ringgit traded mostly higher against other major currencies.
It rose against the Singapore dollar to 3.1557/1601 from 3.1686/1720 on Tuesday and versus the yen, increased to 3.9150/9183 from 3.9477/9527.
Vis-a-vis the euro, the ringgit appreciated to 4.6856/6892 from 4.6990/6045 and improved against the British pound to 5.4991/4037 from 5.5102/5165. — Bernama