Malaysian ringgit falls to 24-year low against the U.S. dollar

The ringgit fell to a 24-year low against the dollar at the opening of trading on Wednesday (Sept. 14), in tandem with lower oil prices as more investors turned away in search of safer assets.

The U.S. Consumer Price Index (CPI) data showed higher-than-expected inflation of 8.3%, compared to the forecast of 8.1%.

The local currency rose against the dollar to 4.5200/5220 from 4.5070/5085 at yesterday’s close.

This higher reading left investors wondering about how big an interest rate hike we could see at the next Federal Reserve meeting on Sep 21.

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