Ringgit hits 3.96 against US dollar

The ringgit closed 0.7 per cent lower against the US dollar today, hitting the 3.96 level per dollar for the first time since the Asian financial crisis 17 years ago.

At 5pm, the local note was quoted at 3.9600/9630 against the greenback from 3.9270/9300 yesterday.

"Apart from the pressures of the falling crude oil price and the anticipation of the Federal Reserve interest rate increase, the ringgit also faced challenges of falling government bond prices and devaluation of China's yuan today," he said.

The ringgit was traded lower against a basket of major currencies except against the Singapore dollar.

It rose marginally against the Singapore dollar to 2.8302/8333 from 2.8305/8349 on Monday.

The local currency fell against the yen to 3.1723/1752 from 3.1492/1523 yesterday.

It eased against the pound sterling to 6.1701/1759 from 6.0755/0809 yesterday weakened against the euro at 4.3651/3700 from 4.3056/3100 previously.