KUALA LUMPUR, Sept 22 — The ringgit depreciated against the US dollar today despite higher oil prices, said a dealer.

Additionally, the greenback improved after the United States Federal Reserve raised its benchmark interest rate by 0.75 per cent for the third consecutive time to tame inflation.

At 6pm, the local currency depreciated to 4.5660/5695 against the greenback from 4.5520/5550 at yesterday’s close.

According to Ambank Research, more rate hikes were expected in the next two meetings in November and December, and inflation is envisaged to remain sticky.

“Hence, our baseline suggests that the Fed rates should settle at 4.25 per cent to 4.50 per cent, while the upside is at 4.50 per cent and 4.75 per cent by the end of 2022,” it said in a note today.

According to a news report, the Fed has approved its third consecutive interest rate hike of 0.75 per cent and signalled additional increases were likely to come in upcoming meetings to combat inflation that remains near a 40-year high.

At the time of writing, the benchmark Brent crude oil price improved 0.85 per cent to US$90.59 per barrel.

Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.

It inched up versus the Singapore dollar to 3.2196/2225 from 3.2217/2243 at yesterday’s close, appreciated against the British pound to 5.1564/1603 from 5.1629/1663 and gained vis-a-vis the euro to 4.5002/5037 from 4.5197/5227 previously.

However, the local note slipped against the Japanese yen to 3.1890/1919 from 3.1633/1656 previously. — Bernama