Ringgit Closes Lower Against US Dollar

KUALA LUMPUR, Feb 28 (Bernama) -- The ringgit closed lower against the US dollar for the second consecutive day on lack of buying interest as expectation was rife that the US Federal (Fed) Reserve will increase interest rates by more than three times this year, a dealer said. At 6 pm, the local note was quoted at 3.9150/9190 versus the greenback from Tuesday’s 3.9060/9100. FXTM Research Analyst Lukman Otunuga said the US dollar was injected with a renewed sense of confidence yesterday after Fed Chairman Jerome Powell expressed optimism over the health of the US economy which remained strong despite the recent stock market turbulence. “These hawkish remarks have not only reinforced market expectations of a rate increase in March but stimulated speculation that the Fed may raise interest rates four times this year,” he said in a note Wednesday. The ringgit, meanwhile, traded mostly higher against a basket of major currencies. It appreciated against the Singapore dollar to 2.9583/9624 from Tuesday’s 2.9613/9646, rose against the British pound to 5.4383/4462 from 5.4500/4560 and increased against the euro to 4.7837/7898 from 4.8161/8222 yesterday. It depreciated against the yen to 3.6551/6606 from 3.6488/6539 on Tuesday. -- BERNAMA