Ringgit opens lower against US Dollar

Posted by Trading Advisor on 1:33 PM with No comments
KUALA LUMPUR: The ringgit reversed yesterday's gains to open lower in the early session against the US dollar today as the Federal Reserve (Fed)hinted of an imminent interest rate hike, a dealer said.

At 9.00 am, the ringgit was quoted at 4.2550/2620 against the greenback from 4.2300/2350 on Wednesday.
The hawkish comments of a nearing interest rate hike by Fed Chair, Janet Yellen, set the ringgit and other regional currencies on a decline. 

According to Yellen, keeping interest rates at zero for too long would create a risk to the financial stability of the US economy.
The ringgit, meanwhile, traded against other major currencies.