Fed's Hawish Stance Drags Malaysian Ringgit To Nearly Three-Week Low

KUALA LUMPUR, June 20 (Bernama) -- The US Federal Reserve' s (Fed) hawkish stance on interest rates has dragged the Malaysian ringgit down to the lowest level since June 1, 2017. At 6 pm, the local unit was quoted at 4.2820/2850 against the greenback from Monday's close of 4.2760/2790. A dealer said a voting member of the Fed's Federal Open Market Committee, William Dudley's view on the positive US economic outlook, was a signal that the central bank would continue increasing interest rates. "His remarks during Monday's meeting lifted the US dollar to a three-week high on Tuesday," he added. According to the dealer, weakening crude oil prices which stayed at a nearly seven-month low on Tuesday due to a continued oversupply in the global market, also weighed on the ringgit. However, the local note traded higher against a basket of major currencies at close. The ringgit rose against the Singapore dollar to 3.0863/0890 from 3.0921/0947 on Monday and appreciated against the yen to 3.8386/8417 from 3.8526/8567. It advanced against the British pound to 5.4373/4424 from 5.4746/4805 and firmed against the euro at 4.7779/7825 from 4.7853/7903. -- BERNAMA