KUALA LUMPUR: The ringgit ended higher against major currencies yesterday but weakened against the greenback as expectations of further interest rate hikes by the United States Federal Reserve (Fed) continued to support the US dollar.

At 6pm, the ringgit edged down to 4.0780/0825 against the greenback from Tuesday’s close of 4.0730/0775.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said markets expect the Fed to raise interest rates by another 50 basis points this year, providing further support to the US dollar.

“The ringgit actually started the day stronger, reaching RM4.0640 against the US dollar in the morning.

“But it could not maintain that strength. As the US dollar remained firm, the ringgit weakened to around RM4.0780 in the afternoon.” — Bernama

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