Ringgit sell-off continues for 9th straight day

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The ringgit settled lower for the ninth straight day today as concerns over the United States (US) raising interest rates soon continued to bolster demand for the safe-haven US dollar.Sell-off in the domestic currency market saw the ringgit trading at a 16-month low of 4.2400 earlier.At 6pm, the ringgit stood at 4.2370/2400 against the greenback from 4.2295/2300 at yesterday’s close.Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the main factor still revolved around the US Federal Reserve's decision on the tapering of asset purchases, which was likely to be accelerated, while a possible interest rate hike in 2022 could happen much earlier."Additionally, the increase in Covid-19 cases and the subsequent measures to curb the virus spread in Europe also has provided a strong support to the US dollar," he told Bernama.It was also reported a …