Ringgit Ends Lower Against US Dollar

KUALA LUMPUR, Aug 16 (Bernama) -- The ringgit ended lower against the US dollar Wednesday in tandem with most emerging currencies as investors shifted interest towards the greenback, a dealer said. At 6 pm, the local unit was quoted at 4.2970/2000 against the greenback from Tuesday's 4.2940/2980. The dealer said the greenback gained strength after the release of upbeat retail sales data which suggested that the US economy was gaining momentum hence signalling the possibility of another rate hike by the Federal Reserve this year. "The increase in US interest rates will not only affect the ringgit but also other emerging Asian currencies," he added. Meanwhile, the ringgit ended higher against other major currencies. It rose against the Singapore dollar to 3.1420/1447 from 3.1435/1476 on Tuesday and appreciated versus the yen to 3.8761/8795 from 3.8898/8938 Tuesday. The local unit also increased versus the euro to 5.0369/0422 from 5.0450/0506 and strengthened against the British pound to 5.5358/5410 from 5.5388/5444 on Tuesday. -- BERNAMA