At 6pm, the local currency weakened versus the greenback to 4.4270/4285 from yesterday’s close of 4.4225/4260.

Bank Islam Malaysia chief economist Afzanizam Abdul Rashid said the US dollar gained further strength as the US Federal Reserve (Fed) is likely to continue its restrictive policies going forward, based on the US Federal Open Market Committee (FOMC) June meeting.

“This means that another 50 to 75 basis points hike is almost a certainty during the next FOMC meeting on July 26-27,” he told Bernama.

He said the US dollar also rose against the British pound sterling as political uncertainty looms large after UK Prime Minister Boris Johnson resigned from his post at a time when the country is grappling with a 40-year high inflation rate.

“The US Dollar Index (DXY) remains elevated at around 107 points, and the ringgit depreciated to near its resistant level of RM4.44,” he noted.

Meanwhile, the ringgit was traded mixed against a basket of major currencies.

The local currency fell against the British pound to 5.3115/3133 from 5.2800/2842 on Wednesday, and weakened vis-a-vis the Singapore dollar at 3.1601/1616 from 3.1504/1531 previously.

It increased versus the euro at 4.5186/5197 from 4.5220/5256 at Wednesday’s close and appreciated against the Japanese yen at 3.2537/2551 from 3.2682/2710 yesterday.