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Ringgit closes lower on US Fed’s hawkish stance

KUALA LUMPUR, June 20 ― The US Federal Reserve’s (Fed) hawkish stance on interest rates has dragged the ringgit down to the lowest level since June 1, 2017.

At 6pm, the local unit was quoted at 4.2820/2850 against the greenback from Monday’s close of 4.2760/2790.

A dealer said a voting member of the Fed’s Federal Open Market Committee, William Dudley’s view on the positive US economic outlook, was a signal that the central bank would continue increasing interest rates.

“His remarks during Monday’s meeting lifted the US dollar to a three-week high on Tuesday,” he added.

According to the dealer, weakening crude oil prices which stayed at a nearly seven-month low on Tuesday due to a continued oversupply in the global market, also weighed on the ringgit.

However, the local note traded higher against a basket of major currencies at close.

The ringgit rose against the Singapore dollar to 3.0863/0890 from 3.0921/0947 on Monday and appreciated against the yen to 3.8386/8417 from 3.8526/8567.

It advanced against the British pound to 5.4373/4424 from 5.4746/4805 and firmed against the euro at 4.7779/7825  from 4.7853/7903. ― Bernama

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