Ringgit ends lower against greenback as US rate hike debate persists

 The local currency was fairly stable despite market uncertainties, says analyst.

KUALA LUMPUR:

The ringgit finished lower against the greenback on Friday as the market closely monitors the ongoing debate regarding interest rate hikes in the US.

This comes ahead of the Federal Open Market Committee meeting scheduled for Sept 15 and 16. The US Federal Reserve (Fed) has kept interest rates unchanged so far in 2026, but hawkish remarks by Fed chair Kevin Warsh at the Jackson Hole symposium have increased expectations of a rate hike this month.

At 6pm, the ringgit was quoted at 4.0425/4.0465 against the US dollar compared with yesterday’s close of 4.0405/4.0445.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the ringgit was fairly stable despite market uncertainties.

Against a basket of major currencies, the ringgit dipped against the euro to 4.6962/4.7008 from yesterday’s 4.6894/4.6940 and eased against the British pound to 5.4663/5.4717 from 5.4539/5.4593.

The local note also weakened against the Japanese yen to 2.5832/2.5860 from 2.5838/2.5865 at yesterday’s close.

The ringgit traded mostly lower against regional currencies.

It inched up against the Philippine peso at 6.45/6.46 from 6.46/6.47 yesterday and declined against the Singapore dollar to 3.1888/3.1923 from 3.1850/3.1884.

It fell against the Thai baht to 12.2693/12.2863 from 12.2421/12.2598 and traded lower against the Indonesian rupiah at 229.1/229.4 from 228.5/228.8 at yesterday’s close. - FMT