KUALA LUMPUR: The ringgit traded lower for the third consecutive day against the US dollar Wednesday, as the market looked for a clear clue as to the timing of the next rate hike by the US Federal Reserve.
At 9 am(0100gmt), the local unit was quoted at 4.0350/0400 to the greenback from 4.0250/0350 on Tuesday.
FXTM Chief Market Strategist Hussein Sayed said the US economy is close to meeting the central bank’s targets and the country’s Gross Domestic Product’s growth is expected to pick up in coming quarters.
“However, markets seem not yet convinced on the path of normalising monetary policy, and need confirmation from Chair Janet Yellen who is due to speak on Friday,” he said.
Meanwhile, the ringgit was mixed against a basket of major currencies.
It fell against the British pound to 5.3173/3255 from 5.3037/3185 yesterday but gained against the yen to 4.0173/0243 from 4.0190/0302, while weakening against the Singapore dollar at 2.9823/9873 from 2.9813/9896.
The local note eased against the euro to 4.5583/5656 from 4.5591/5721 on Tuesday.