Ringgit extends downtrend to open lower versus US dollar as oil declines and US raises interest rates

KUALA LUMPUR (Sept 22): The ringgit extended its downtrend to open lower against the greenback today, weighed by declining oil prices and after the US central bank delivered a steep interest rate hike.

At 9 am, the local currency fell to 4.5665/5700 against the greenback from 4.5520/5550 at yesterday’s close.

The benchmark Brent crude oil price fell 0.50 per cent to US$89.38 per barrel.

Oil prices continued to slide on Thursday after the US Federal Reserve (Fed) hiked interest rates by 75 basis points to a range of 3.00 to 3.25 per cent – the highest level since 2008.-BERNAMA