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Ringgit extends downtrend to open lower versus US dollar as oil declines and US raises interest rates » The Capital Post

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EconomicENG

Ringgit extends downtrend to open lower versus US dollar as oil declines and US raises interest rates

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By Meharaj Paramasiwam 0 0
Estimate Reading Time: < 1 minute

KUALA LUMPUR (Sept 22): The ringgit extended its downtrend to open lower against the greenback today, weighed by declining oil prices and after the US central bank delivered a steep interest rate hike.

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At 9 am, the local currency fell to 4.5665/5700 against the greenback from 4.5520/5550 at yesterday’s close.

The benchmark Brent crude oil price fell 0.50 per cent to US$89.38 per barrel.

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Oil prices continued to slide on Thursday after the US Federal Reserve (Fed) hiked interest rates by 75 basis points to a range of 3.00 to 3.25 per cent – the highest level since 2008.-BERNAMA

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