KUALA LUMPUR, Nov 13 — The ringgit ended mostly higher against major currencies but eased against the US dollar on Friday as the greenback continued its upward momentum on a hawkish US interest rate outlook.
The market has been expecting a sizeable interest rate hike by the US Federal Reserve (Fed) when the American central bank meets in December.
At 6 pm, the local currency depreciated to 4.0845/0890 against the greenback from 4.0765/0805 at Thursday’s close.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar continued to be lifted as investors anticipated further monetary tightening by the Fed at its upcoming Federal Open Market Committee (FOMC) meeting next month.
